Monero price has recorded an impressive 50% growth, gaining investors’ attention, but it appears that a scam is fuelling the rally. On-chain security expert ZachXBT says a Bitcoin heist and multiple XMR swaps to launder the stolen asset are responsible for the surge.
Monero (XMR) Price Records 50% Rise In Valuation
While the rest of the cryptocurrency markets recorded modest gains, the Monero price has surged by a remarkable 50% in 24 hours. Data from CoinMarketCap confirmed the XMR rally as prices reached a daily high of $339 over the last day and rested at $280 while writing.
XMR’s trading volume mirrored the rise in Monero price today to sit at an impressive $304 million within 24 hours. The spike in trading volumes translated to a staggering 380% increase, leaving investors puzzled over the numbers.
On-Chain Analyst Says Bitcoin Theft Triggered The Rally
According to on-chain security expert ZachXBT in an X post, the Monero price rally is not the product of usual market activity. ZachXBT says the rally is the result of a Bitcoin theft and subsequent attempt to launder the assets via the privacy coin.
Per ZachXBT, it all began with a suspicious transaction of 3,520 BTC worth $330.7 million from a potential victim. Minutes after the shady transfers, ZachXBT notes that bad actors began laundering the BTC on exchanges, swapping them for Monero to reduce traceability.
“Shortly after the funds began to be laundered via 6+ instant exchanges were swapped for XMR, causing the XMR price to spike 50%,” said ZachXBT.
ZachXBT noted that the theft address and other on-chain indicators provide further confirmation of a BTC heist. The on-chain security expert notes that the victim is a long-time BTC holder, using Gemini, Coinbase, or River.
Furthermore, the transfer of the funds in small batches to instant exchanges and creating hundreds of orders raises eyebrows. The movement of funds in this manner will trigger losses running into seven figures, pointing to increased scammer activity amid the Monero price spike.
However, ZachXBT clarifies that it is unlikely that North Korea had anything to do with the 3,520 Bitcoin heist. North Korean hackers have been fingered in a malware campaign against developers. He adds that the victim is potentially an OG Bitcoiner with BTC holdings older than 2015.
While Monero price spiked following the incident, Bitcoin price continues to trade sideways at $94,000. A Bitcoin price near $100K has stoked optimism for a bigger rally for the largest cryptocurrency, but macroeconomic uncertainties stand in the way.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/monero-price-jumps-50-amid-330m-suspicious-bitcoin-transfer/
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