A mysterious, large-scale Bitcoin transfer, first flagged by on-chain analyst ZachXBT, is reportedly behind the price of Monero (XMR) skyrocketing. The transfer of 3,520 Bitcoin was valued at an estimated $330.7 million. The thieves turned the stolen Bitcoin into Monero. This action made Monero’s price jump up by 50% in just a few hours!
ZachXBT, a well-known expert in on-chain analysis, flagged a suspicious Bitcoin transfer. The laundered Bitcoin transferred from the victim’s wallet to an address beginning with “bc1qcry”… ending with “vz55g.” The analyst learned that the stolen Bitcoin had transacted through more than six instant exchange services. In the end, it was turned into Monero (XMR).
This huge conversion of Bitcoin into Monero triggered a significant price spike of the privacy-oriented crypto. That got the attention of investors and sudden excitement in the market accelerated. As of this writing, Monero is trading at $273.04. This represents a 12.72% loss in the last 24 hours.
Earlier today, ZachXBT raised alarms around the transfer, suggesting that it was related to a significant theft. The analyst — known for his high-profile calls on cryptocurrency markets — proceeded to call out and label dozens of new cryptocurrency projects as public scams. This includes accusing CRO after Crypto.com reneged its commitment on a 70B token burn. ZachXBT recently marked the Baby Doge airdrop featuring Jason Derulo as a scam.
The analyst's activity isn't without scrutiny. ZachXBT himself has come under fire after cashing out $4 million from a meme coin linked to his name. Notwithstanding this, ZachXBT still actively uses the Twitter account, @zachxbt, to post educational on-chain analysis and insights.
In this case, the analyst was able to provide details about a prospective victim’s wallet being hacked. ZachXBT strongly rejected any proposals linking North Korea to the $330 million Bitcoin withdrawal hack. He named the state-sponsored Lazarus Group in particular in his comments.
