ZachXBT Links Monero’s Price Surge to Potential Hack

Monero (XMR) has seen a sharp 40% price increase, catching the attention of on-chain researcher ZachXBT, who suggests that a large-scale hack may be the cause of the sudden surge.

ZachXBT’s investigation pointed to a significant transfer of 3,520 BTC, equivalent to $330.7 million, which was moved to an unknown wallet and subsequently converted into XMR. The unusual spike in demand for Monero triggered by this transaction has resulted in a rapid price increase.

Monero’s trading volume also surged, jumping from an average of $50 million to over $220 million in just 24 hours. This dramatic shift indicates that the liquidity of XMR is being tested by a large influx of capital, likely from illicit sources.

Despite the uptick, there has been no significant growth in on-chain activity or network transactions that could explain the surge. This supports the theory that the price movement is not organic but rather the result of external factors, such as the hack.

Monero remains one of the most well-known privacy coins, using the CryptoNote protocol to ensure transactions remain private and untraceable. As such, it is often associated with privacy-focused transactions and can be a target for large-scale hacks and money laundering activities.