Monero (XMR) Price Pumps 40% After $330 Million Money Laundering Transaction

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Monero (XMR), a privacy focused coin, witnessed a 40% price surge within just a few hours following a massive $330 million money laundering transaction in a remarkable development in the cryptocurrency market.

This price rally further reinforced Monero’s position as a top choice for those seeking anonymity in online financial transactions.

According to a post by ZachXBT on X today, a theft involving 3,520 Bitcoin (BTC), equivalent to $330.7 million, occurred. The stolen funds were quickly converted into XMR through several instant exchanges.

“Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M). Theft address: bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g. Shortly after, the funds began to be laundered via 6+ instant exchanges and were swapped for XMR, causing the XMR price to spike 50%,” ZachXBT reported.

However, ZachXBT did not reveal any clues about the entity behind the suspicious wallet address. Smokey, Polygon’s Community Lead, raised questions about whether this could be a new hack involving North Korea. Yet, ZachXBT believed that it was unlikely.

Data shows that today, the price of XMR rose from $229 to $317, marking a 40% increase before correcting to the current level of $270. On certain exchanges like Bitfinex, XMR peaked at $328, achieving nearly a 50% gain in April, as ZachXBT had mentioned.