🏴‍☠️ The Monero price soared after laundering over $330 million through XMR

🅱️ Crypto detective ZachXBT detected suspicious activity: 3520 BTC (~$333.5 million) were withdrawn and exchanged for Monero (XMR). This triggered a powerful surge in the asset's price.

🔵 What happened:

1️⃣ Funds were deposited into the wallet of a suspected hacker on the night of April 28

2️⃣ BTC was distributed across six exchanges, then converted to XMR

3️⃣ The huge volume of swaps caused a price increase due to limited liquidity

📈 Market reaction:

1️⃣ The XMR price briefly broke $391

2️⃣ The price increase over the week was +23%

3️⃣ There were spikes in trading volumes and volatility in XMR/BTC pairs

The limited liquidity of Monero amplified the effect: the asset had previously been delisted from major exchanges, including Binance, making such manipulations even more noticeable.

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