3,520 BTC Theft Leads to 50% Surge in Monero Price
- 3,520 BTC converted to Monero after a theft incident.
- Monero’s price jumped 50% following the laundering.
- Theft highlights privacy coin market liquidity issues.
Monero’s surge from the laundered Bitcoin indicates significant market volatility and liquidity challenges.
An address was allegedly robbed of 3,520 Bitcoin, and the funds were laundered into Monero through various exchanges. The incident was reported by ZachXBT, highlighting possible involvement of independent hackers. Monero’s value spiked as a result.
“Monero’s network activity hadn’t seen any significant increase, suggesting the rally was driven by the specific laundering activity rather than genuine growth in adoption or usage.”
— Min Junng, Analyst, Presto
Monero’s rapid price increase reached an intraday high of $339, gaining 50%. Subsequent trading activity caused the price to stabilize at a 25-35% increase, reflecting the laundering impact rather than adoption growth.
Financial implications include increased futures activity and raised concerns about privacy coins’ role in illicit activities. Monero maintained price gains despite active wallets not increasing significantly, showcasing the laundering’s influence on market dynamics.
Although Monero offers strong privacy features, its liquidity issues continue due to decreased exchange support. Previous precedents highlight its preference for illegal fund conversion despite challenges in exchanging or cashing out into mainstream fiat.
