Key Takeaways
- Approximately 3,520 BTC worth $330.7 million was stolen on Sunday.
- The stolen Bitcoin was laundered through six exchanges and swapped into Monero.
- Monero's price spiked 50% due to large swaps and thin liquidity.
A suspicious transaction involving around 3,520 BTC, worth approximately $330.7 million, occurred on Sunday and is believed to be a theft, according to on-chain investigator ZachXBT.
Laundering through exchanges
ZachXBT reported on X that the stolen funds were transferred from a victim’s wallet to the address “bc1qcry…vz55g.”
Shortly after, the Bitcoin was laundered through over six exchanges and rapidly converted into Monero to obscure the trail.
Impact on Monero Mmarket
The sudden conversion spree created a shock in the Monero market.
Due to the large size of the swaps and the thin liquidity across platforms, Monero’s price surged by 50%.
At the time of writing, XMR was up 35% over the past 24 hours, trading at $308.5, according to The Block’s price page.
Ongoing investigation
This remains a developing story, and additional details may emerge as investigations continue.
