Monero’s Price Surge Likely Due to Large-Scale Hack, Says ZachXBT
Monero (XMR) has experienced a significant 40% surge in price, prompting on-chain analyst ZachXBT to link the spike to a large-scale hack.
ZachXBT’s investigation identified an unusual transaction in which 3,520 BTC—worth roughly $330.7 million—was transferred to a wallet and subsequently swapped into Monero. This influx of capital into XMR is believed to have caused the sharp price rise, as demand for the privacy coin increased dramatically.
The trading volume for XMR saw a massive uptick, jumping from an average of $50 million in daily volume to over $220 million in just 24 hours, reflecting the sudden surge in interest. However, the lack of significant on-chain activity or any notable increase in active users points to the fact that this price movement is likely due to external factors, such as the hack.
Monero’s focus on privacy, using the CryptoNote protocol to keep transactions untraceable, makes it a popular choice for illicit transactions. This makes the cryptocurrency particularly susceptible to large, sudden movements in price following such exploits.
