Monero Surges Over 50%; On-Chain Investigator ZachXBT Suggests Hacker Laundering of $330 Million Worth of Bitcoin as the Cause

Monero ($XMR) Price Surges Over 50%

Monero ($XMR) price suddenly surged early on Monday, rising from around $228 to over $300, with an increase of nearly 50%. The specific reason for the surge in this privacy coin remains unclear; however, on-chain detective ZachXBT has proposed a possible hypothesis.

ZachXBT mentioned on the social media platform X in the afternoon that a suspicious transaction of 3,520 BTC, valued at approximately $330.7 million, appeared from a certain address nine hours ago. Subsequently, these funds began to be laundered through more than six instant trading platforms and were exchanged for XMR, resulting in a 50% spike in XMR’s price.

As of the publication of this article, the trading price of Monero has retreated to around $280.

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