Stolen Bitcoin wallet triggers surge in Monero price
In an unexpected turn of events, the cryptocurrency market witnessed a significant surge in Monero (XMR) prices this morning. The price of Monero broke out dramatically, reaching a peak of $338, marking a substantial increase of around $100.
The cause of this price surge can be traced back to a hack on a Bitcoin wallet, where a hacker exchanged the Bitcoin for Monero. The name of the Bitcoin holder whose wallet was hacked on Monday, April 27, and who then anonymously converted all their Bitcoin to Monero remains undisclosed in the available sources.
The hacker moved the entire $330 million in Bitcoin from the wallet in one transaction, which was then divided into smaller portions for exchange. The Bitcoin was washed through more than six instant exchanges and swapped for XMR, with the wallet address involved in the transaction being .
Investigator ZachXBT has suggested that the owner of the wallet could be a long-term holder who has used services like Gemini, River, and Coinbase in the past. If this assumption is correct, the theft represents a significant loss for the Bitcoin holder.
ZachXBT also suspects that the Bitcoin was stolen through social engineering, and that the wallet was emptied in four transactions soon after the suspicious transaction. Tracing these transactions leads to more seemingly innocuous transactions that also empty addresses with large sums.
The fees for both transactions and swaps amount to a seven-figure sum. Prior to the increase, Monero had been fluctuating between $200 and $230 all year, making this sudden surge a notable event in the cryptocurrency market.
It is important to note that the details provided here are based on available sources and are subject to further investigation. As always, it is crucial for cryptocurrency holders to practice safe and secure storage methods to protect their assets.
