A follower of Zach stated that XMR is only used to launder stolen cryptocurrencies. However, the detective responded that he himself uses XMR for payments frequently.
Monero
The cryptocurrency Monero (XMR), focused on anonymous transactions, saw a jump of over 70% this Monday (28) rising from US$ 229 to US$ 391 in a matter of hours.
Reports from ZachXBT, famous for his investigations, indicate that the rise is related to a possible hacker attack involving R$ 1.9 billion in Bitcoin.
Data from CoinMarketCap shows that the trading volume of Monero rose over 500% in the last 24 hours.
Although volume increases are common on Mondays, since Sunday is a quieter day, the volumes of other cryptocurrencies like Bitcoin and Ethereum rise by 70% and 30%, respectively, in the same period.
Alleged hack of R$ 1.9 billion in Bitcoin draws the community's attention.
With not much concrete information, ZachXBT reported a suspicious movement of Bitcoin between Sunday night and the early hours of this Monday (28). The investor believes it is a hack.
"Nine hours ago, a suspicious transfer was made from a possible victim worth 3,520 BTC (US$ 330.7 million/R$ 1.9 billion)."
"Shortly after, the funds began to be laundered through more than 6 instant exchanges and were exchanged for XMR (Monero), causing a 50% increase in the price of XMR," wrote ZachXBT.
ZachXBT talks about the alleged hack of R$ 1.9 billion in Bitcoin converted to Monero (XMR), causing the cryptocurrency to surge. Source: X.
When asked for more details about the investigation, Zach said he believes it is a hack because it involves a long-term Bitcoin investor who was using common American exchanges (Gemini, Coinbase, River, etc.).
In addition to the giant figure, transferred suddenly, he highlights that these purchases on instant exchanges cause 'millions in fees' losses. In other words, only a hacker would not care about this.
Monero (XMR) experiences a giant jump after bitcoins are converted.
Although Monero is still traded on large exchanges like MEXC, KuCoin, and Kraken, many others have removed the cryptocurrency due to regulatory issues. After all, XMR focuses on privacy, being commonly used by hackers.
Perhaps due to its lower liquidity and the size of the conversion, XMR saw a jump of over 70% this morning.
After reaching a peak around 2:30 AM Brasília time, the cryptocurrency corrected, but is still trading up 15%.
Monero (XMR) rises 70% after alleged hacker converts R$ 1.9 billion of Bitcoin into XMR. Source: TradingView.
A follower of Zach stated that XMR is only used to launder stolen cryptocurrencies. However, the detective responded that he himself uses XMR for payments frequently.
That is, although it is also used by criminals, the privacy offered by Monero also has a demand from ordinary people. At the time of this writing, XMR is among the top 25 largest cryptocurrencies in the market.