Apparent bitcoin theft worth $330 million spikes Monero price in laundering frenzy: ZachXBT

A "suspicious" transfer worth around 3,520 BTC ($330.7 million) occurred on Sunday, which appears to be a theft event, according to on-chain investigator ZachXBT.

ZachXBT reported on X that the transfer was made from a potential victim's wallet to the address "bc1qcry...vz55g." Shortly after the transfer, the stolen funds were laundered through more than six exchanges and converted to Monero (XMR) to obfuscate the activity. This triggered an immediate 50% spike in XMR's price due to the size of swaps and thin liquidity on the platforms.

XMR jumped 35% in the past 24 hours to trade at $308.5 at the time of writing, according to The Block's price page .

This is a developing story.