Suspicious Bitcoin Transfer Raises Theft Concerns

ZachXBT, an onchain investigator, has highlighted a questionable transfer of 3,520 Bitcoin worth $330.7 million, hinting at a potential major theft. The transaction, occurring on April 28, involved moving funds from a possible victim's wallet to the address bc1qcry...vz55g. The stolen funds were swiftly laundered through six instant exchanges and converted into Monero, causing a 50% surge in XMR's price. Despite speculation linking North Korea's Lazarus Group to the attack, ZachXBT dismissed the theory, suggesting independent hackers were likely responsible. Chainalysis emphasized that most criminal transactions still rely on mainstream cryptocurrencies like Bitcoin and Ethereum due to their liquidity and functionality. The firm also noted the limitations privacy coins pose for criminals, such as reduced liquidity and delisting by major exchanges. Monero's increasing retail acceptance was highlighted, with Spar supermarkets in Switzerland now accepting XMR for payments. Read more AI-generated news on: https://app.chaingpt.org/news