- Monero (XMR) has surged over 50% following the laundering of $330 million in stolen Bitcoin
- The stolen 3,520 BTC were rapidly converted to XMR via multiple instant exchanges, causing a supply shock
- Blockchain investigator ZachXBT has identified the suspicious activity and flagged the theft publicly.
A dramatic surge in Monero’s price has been linked to a massive Bitcoin theft, where 3,520 BTC (approximately $330 million) were stolen and swiftly laundered through various instant exchanges into XMR. This sudden influx overwhelmed Monero’s low-liquidity market, causing its price to spike by over 50%. The incident was brought to light by blockchain investigator ZachXBT, who highlighted the suspicious transactions and their implications.
Six Exchanges Used for Conversion
On April 28, ZachXBT reported a suspicious transfer of 3,520 BTC from a potential victim’s wallet to the address bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g:
Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55gShortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…
— ZachXBT (@zachxbt) April 28, 2025
Shortly after, the funds were laundered through over six instant exchanges and converted into Monero, a cryptocurrency known for its privacy features and which has been banned from multiple exchanges worldwide. This method of laundering is notable for its use of multiple exchanges and the rapid conversion to a privacy-centric coin, making the funds difficult to trace.
50% Jump in XMR Valuation
The sudden and large-scale conversion of stolen BTC into XMR caused a significant supply-demand imbalance in Monero’s market, which is characterized by relatively low liquidity. As a result, Monero’s price surged from $232 to an intraday high of $347.72, marking a 50% increase. This price movement underscores the impact that large transactions can have on cryptocurrencies with smaller market capitalizations and lower trading volumes.
This incident highlights the challenges that privacy-focused cryptocurrencies like Monero continue to pose to regulators and law enforcement. While these coins offer legitimate privacy benefits, they can also be exploited for illicit activities such as money laundering. The use of Monero in this theft underscores the need for ongoing discussions about the balance between privacy and regulatory oversight in the cryptocurrency space.
As of now, Monero’s price has stabilized around $273.32, reflecting a 22% gain over the last 24 hours.
