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Monero (XMR) has experienced a notable surge in the cryptocurrency market, following what appears to be an attempt to launder stolen Bitcoin (BTC) through the privacy-focused cryptocurrency.
Early Monday, XMR saw a dramatic spike, rising from $232 to $331 in just eight hours. This surge coincided with a suspicious Bitcoin wallet transfer flagged by renowned blockchain investigator ZachXBT regarding suspected criminal activity involving BTC.
ZachXBT revealed that 3,520 BTC, valued at approximately $330.7 million, were transferred out of a Bitcoin wallet and exchanged for Monero. This transaction reportedly triggered the sudden price increase for XMR.
“Nine hours ago, a suspicious transfer was made from a potential victim’s Bitcoin wallet. The funds were swiftly laundered through multiple instant exchanges and converted to XMR, causing Monero’s price to spike by 50%.”
ZachXBT emphasized the unusual nature of the transfer, noting that the victim appeared to be affiliated with prominent U.S. exchanges such as Gemini, Coinbase, and River. Lost funds due to transaction fees and the sheer scale of the transfer further suggested criminal activity.
Monero, often referred to as the “OG” of privacy coins, is known for its ability to obscure transaction details, making it a popular choice for such maneuvers. After the initial surge, XMR retraced its gains slightly and is currently trading at $263. Meanwhile, Bitcoin remains relatively stable, showing a 6.5% increase over the past week.
Cryptocurrency experts advise vigilance in light of such incidents, as the market continues to attract both legitimate investors and malicious actors. Here are some additional insights:
• The transaction underscores the challenges regulators face in tracking illicit activities within the crypto space.
• Investors are reminded to conduct thorough research and exercise caution when dealing with any cryptocurrency.
Source: The Daily Hodl
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For further developments, stay tuned to trusted cryptocurrency news platforms.
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