A staggering Bitcoin (BTC) theft could have served the pivotal boost for Moneroโs (XMR) 50% upswing on Monday, famous on-chain detective claims. According to ZachXBT, a suspicious transfer for a whopping 3,520 Bitcoin (BTC) was done at approximately 1 AM on Monday morning.
Worth $330.7 million, the fraudulent Bitcoin (BTC) transfer was later swapped into Monero (XMR), the popular privacy blockchainโs native crypto. The money laundering activity was allegedly done via 6 different crypto currency exchanges, while XMR was likely chosen due to untraceable traits.
Monero (XMR) Price Reacts With Explosion
Tremendous green candle sticks arrived on Moneroโs (XMR) price charts a few hours later, with XMR price spiking from $238 to $293 in half an hour at 4 AM GMT, according to CoinGecko. Later on, the dark web darling backtracked to $258 before hitting off to a new yearly high of $347 at 9 AM.
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This puts Monero (XMR) as the top gainer of the day among major-cap altcoins, even though the 24-hour trading volume on Spot didnโt record a significant hike, signaling an abnormality. Besides, the $330.7 million money laundering scheme included small increments to instant exchanges, meaning that 1-3% on every transaction was spent on fees.
According to ZachXBT, the obnoxious spending fees contribute towards proving the theft, as these Atomic swaps would be impractical to a regular crypto trader. Naturally, the root of this bull run fo Monero (XMR) price plants a seed of doubt about the sustainability of todayโs 50% uptick, as the daily trading volume has kept under $350 million
On top of that, the large holder behavior-tracking Chaikin Money Flow (CMF) returned negative values, signaling that crypto whales are not keen on increasing their XMR positions.
On The Flipside
- Being a safe haven for privacy, Moneroโs blockchain has previously drawn criticism for allegedly allowing cybercrime to remain unsolved.
- As a result, Binance infamously moved to delist Monero (XMR) from their Spot offerings, citing regulatory hurdles and transparency issues.
Why This Matters
Privacy blockchains showcase the true spirit of decentralization, but also impose hefty challenges for authorities when it comes to bad actors exploiting the perks of action concealment.
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