Monero Soars 50% Amid $330M Bitcoin Laundering Activity
The instant gain in demand triggered XMR’s price to jump by 50%, hitting record levels of $329, a level not reached in years
The event, identified by blockchain analyst ZachXBT, started when the BTC was withdrawn from a targeted wallet to a recognised suspicious account.
A reported theft of 3,520 Bitcoin worth around $330.7 million has sparked a strong rally in Monero (XMR) after the looted funds were moved across several instant trading platforms.
The launderers quickly sent the money through more than six exchanges, changing large amounts of Bitcoin into Monero, a privacy-focused cryptocurrency known for making transactions hard to trace.
Monero Rises 50%, Reaches Multi-Year High
The instant gain in demand triggered XMR’s price to jump by 50%, hitting record levels of $329, a level not reached in years.
According to data from CoinGecko, at present, the token is trading around $267.03 with a 16.3% increase in the last 24 hours.
According to the data from Coinglass, more than $1 million in short positions were sold off during the rally, increasing upward momentum.
Monero’s price breaks out, also aligned with increasing excitement over its upcoming EP159 and EP160 upgrades.
These ideas are designed to make Monero easier to follow for regulators, allowing users to prove their transactions are valid without showing private information. Analysts think this could help Monero get relisted on major exchanges like Binance and Coinbase under Europe’s new MiCA rules.
Significantly, other privacy-focused tokens, including Zcash (ZEC), Dash (DASH), and Decred (DCR), also shared significant profits.
