🅱️ Crypto detective ZachXBT recorded suspicious activity: 3520 BTC (~$333.5 million) were withdrawn and exchanged for Monero (XMR). This caused a significant spike in the asset's price.
🔵 What happened:
1️⃣ Funds were transferred to the wallet of the likely perpetrator on the night of April 28
2️⃣ BTC was distributed across six exchanges, after which it was converted to XMR
3️⃣ A massive volume of swaps caused the price to rise due to limited liquidity
📈 Market reaction:
1️⃣ The price of XMR momentarily broke $391
2️⃣ The price increase over the week was +23%
3️⃣ There were spikes in trading volume and volatility in the XMR/BTC pairs
The limited liquidity of Monero intensified the effect: the asset had previously been delisted from the largest exchanges, including Binance, making such manipulations even more noticeable.
#Monero #XMR #Cryptocurrency #Bitcoin #Blockchain #CryptoMarket #PrivacyCoins #MiningUpdates
#Monero #Cryptocurrency #Bitcoin #Blockchain #PrivacyCoins
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