ZachXBT flags suspicious $330M Bitcoin transfer triggering Monero surge
ZachXBT identified a suspicious transfer of 3,520 Bitcoin (BTC), valued at $330.7 million, potentially linked to a major theft. The funds were moved from a victim's wallet to a specific address and subsequently laundered through over six exchanges into Monero (XMR). This conversion caused XMR's price to spike by 50%, reaching an intraday high of $339, before settling at $289, up 25% in 24 hours. ZachXBT dismissed the theory that North Korea's Lazarus Group was involved, suggesting independent hackers were responsible. Chainalysis reported that most criminal transactions still utilize mainstream cryptocurrencies like Bitcoin and Ethereum, as privacy coins face liquidity challenges and are increasingly delisted by exchanges. Despite privacy features, Monero transactions may be traceable, as indicated by a leaked Chainalysis video. Monero is gaining retail acceptance, with two Spar supermarket locations in Switzerland now accepting XMR for payments.
