ZachXBT Suggests Monero Price Increase Could Be Tied to Major Exploit.

ZachXBT Suggests Hack Behind Monero’s Recent Price Surge

Monero (XMR) experienced a sudden and dramatic price surge of over 40%, with on-chain researcher ZachXBT attributing the spike to a likely hack.

According to ZachXBT, a suspicious transfer of 3,520 BTC (worth around $330.7 million) was observed, which was then swapped for Monero. This large-scale movement of funds into XMR caused a notable spike in its price, as demand surged for the relatively illiquid cryptocurrency.

Trading volumes for XMR soared in tandem with the price increase, jumping from an average of $50 million over the past week to more than $220 million in just 24 hours. The surge in volume suggests that the price move was driven by a large, concentrated source of buying pressure, rather than organic market activity.

While on-chain data shows no significant increase in network activity or wallet growth, the price spike coincided with the suspicious transaction. This has led many to speculate that the rise in XMR’s price was due to external factors, including illicit activities linked to the hack.

Monero’s status as a privacy coin, based on the CryptoNote protocol, makes it an attractive option for users seeking anonymity, and this has contributed to its volatility during market events like this.