Cryptocurrency Monero experiences sudden surge following hack on a wallet containing a substantial 3,250 Bitcoin
In a surprising turn of events, the price of Monero (XMR) has experienced a significant surge, reaching a peak of $338 on Monday. This sudden breakout, which saw Monero skyrocket by around $100 this morning, appears to be linked to a hacked Bitcoin wallet.
According to blockchain analyst ZachXBT, a suspicious transaction of approximately 3,520 Bitcoin (around $330.7 million) occurred nine hours ago. The wallet address bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g received these Bitcoins from 50 other addresses on April 27. The Bitcoin wallet belonged to an unknown owner, and the Bitcoins were moved in the morning, with subsequent reports indicating they were quickly converted into Monero over a period spanning several months.
The influx of Bitcoin led to a rapid increase in the price of Monero. Initial transactions saw the Bitcoin being swapped for XMR, causing the XMR price to increase by 50%. Further investigations reveal that these transactions were not isolated incidents. Tracing the transactions leads to more seemingly innocuous transactions that also emptied addresses with large sums of Monero.
The wallet was quickly emptied in four transactions, with the privacy coin fluctuating between $200 and $230 all year. However, the influx of Bitcoin has caused a significant shift in the market, pushing the price of Monero to new heights.
As the market continues to react to this development, the question on everyone's mind is who the unknown Bitcoin owner is and why they chose Monero as their preferred destination for the hacked funds. While the identity of the hacker remains a mystery, the impact on the Monero market is clear - a significant boost in price and increased interest in the privacy coin.
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