Monero Jumps 51% After 'Suspicious Transfer' of $333M in Bitcoin
Monero (XMR) surged 51% on Monday, attributed to hackers laundering $330 million in stolen Bitcoin. An on-chain investigator noted a suspicious transfer of 3,520 BTC, valued at approximately $333 million, which was quickly converted to XMR through multiple exchanges. The price of Monero reached $347.72 before retracing to $264.18, reflecting a 15.3% increase for the day. Monero is the largest privacy coin with a market cap of $5.3 trillion, ranking 27th among cryptocurrencies. Unlike Bitcoin and Ethereum, Monero obscures transaction details, making it appealing for illicit activities. Despite its privacy features, there have been instances of Monero users being convicted, often due to operational security failures rather than blockchain tracing.
