"Cryptocurrency Monero soars following breach of wallet containing 3,250 Bitcoin"
In a shocking turn of events, the price of Monero (XMR) spiked by approximately $100 this morning, reaching a peak of $338, before settling back to its current value of $268. According to blockchain analyst ZachXBT, this surge may be linked to a significant Bitcoin heist that occurred nine hours ago.
ZachXBT suggests that a Bitcoin wallet owner, who appears to be a long-term user of Gemini, River, and Coinbase, had their wallet emptied of approximately 3520 Bitcoin, valued at $330.7 million. The Bitcoin was moved swiftly and sent in small portions to instant exchanges, where it was then laundered and converted into Monero.
The wallet address bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g received the Bitcoin from 50 other addresses on April 27, and was emptied in four transactions shortly thereafter. The transactions leading back from the emptied wallet are largely unremarkable, involving addresses holding large sums.
ZachXBT assumes that the Bitcoin was stolen through social engineering, a method often used in cryptocurrency heists. However, there is currently no public information about a hacker who may have carried out this theft at three in the morning on Monday.
The price surge occurred over a period of 20 minutes around the same time, suggesting a direct correlation between the heist and the Monero price spike. If ZachXBT's assumption is correct, it could mean a bitter day for one Bitcoiner.
It's important to note that while Monero is known for its privacy features, which can make it an attractive choice for illicit activities, the connection between the heist and the Monero price surge is still speculative. Cryptocurrency markets are notoriously volatile, and factors other than theft can also cause price fluctuations.
As always, it's crucial for cryptocurrency users to prioritise security measures to protect their assets. This includes using strong, unique passwords, enabling two-factor authentication, and keeping software up to date.
This is a developing story, and more information will be released as it becomes available. Stay tuned for updates.
