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Monero Price Surge Likely Attributable to Large Hack: ZachXBT
XMR spiked nearly 40% early Monday following a 'suspicious transfer,' the on-chain researcher said.
Updated Apr 28, 2025, 2:47 p.m. Published Apr 28, 2025, 8:56 a.m.
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What to know:
- A suspicious transfer of 3,520 BTC, valued at $330.7 million, was swapped for monero (XMR), on-chain researcher ZachXBT said.
- The resulting monero price surge was linked to laundering activities through multiple instant exchanges.
- Limited liquidity due to exchange delistings amplified the price impact of large XMR purchases.
On-chain researcher ZachXBT may have determined why privacy coin Monero (XMR) surged as much as 40% early Monday: Someone probably got hacked.
Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)
— ZachXBT (@zachxbt) April 28, 2025
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…
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ZachXBT reported that 3,520 bitcoin (BTC) ($330.7 million) was drained from an address and then swapped for XMR.
Market data shows a spike in volatility coming from an excess in buy orders for the XMR-BTC order book.
Market observers initially had a hard time determining what caused the major spike as metrics such as active wallets and network activity hadn't risen accordingly.
Read More: Monero’s XMR Rockets 40% as XRP Leads Crypto Majors Gains
Liquidity for XMR has been limited during the past few months as major exchanges delisted the privacy token in a bid to fight dark net markets. The lack of liquidity would have made any sizeable buy a catalyst for outsized pricing gains. CoinGecko data shows that the order depth for XMR is significantly smaller than for tokens of similar market cap.
XMR is trading for over $300 according to CoinDesk markets data.
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