The 330 Million Bitcoin Heist Boosted This Altcoin: Sudden 50% Surge! - Coin Bulletin

In a suspicious transaction reported by on-chain researcher ZachXBT, approximately 3,520 Bitcoin worth about 330.7 million dollars was stolen and converted to Monero, causing the XMR price to quickly rise by 50%.

The cryptocurrency world is shaken by a major Bitcoin (BTC) robbery allegation. Blockchain expert ZachXBT announced in a statement that the suspicious transaction that took place last Sunday involved 3,520 BTC transferred from the victim’s wallet to an unknown address. Shortly after the transfer, the stolen funds were quickly spread across more than six different exchanges and converted into Monero (XMR), a privacy-focused cryptocurrency, to cover their tracks.

It is noted that this large-scale money laundering attempt occurred particularly due to the anonymity of Monero. This massive transformation process caused a serious impact on the market in a short period due to the low liquidity on the platforms, and the price of Monero recorded a sudden increase of 50 percent.

The conversion of the Bitcoin stolen by thieves into Monero has once again brought to the forefront the use of privacy-focused coins by criminals in the crypto world. Monero is known for its anonymity features that make it nearly impossible to track users’ transactions. Therefore, it has become a popular choice among criminals who want to obscure the trail of funds in such large thefts.

While authorities are expected to deepen the investigation, the impact of the incident on the market is also being closely monitored.