Monero’s Market Cap Sees Unprecedented Surge Following Alleged Hack
In an unexpected twist, Monero (XMR) has experienced a dramatic increase in both trading activity and market value. Over the last 24 hours, the cryptocurrency has captured significant attention due to a suspicious surge linked to a possible hack.
Monero’s Price Skyrockets Amid Controversy
As of April 28, Monero is trading at approximately $263.81, marking a 15.57% rise in just one day. This rally saw the token achieve an intraday peak of $347.72, which represents a substantial 31.80% increase from its current valuation. The sudden spike catapulted Monero’s market capitalization to an impressive $6.23 billion, up from the prior $4.21 billion.
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Investigation Unveils Potential Hack Behind Monero Surge
A cryptocurrency investigator, ZachXBT, known for uncovering fraudulent activities within the crypto realm, has identified a suspicious transaction. On April 28, ZachXBT reported the transfer of 3,520 Bitcoins, valued at $330.7 million, to a specific address. The subsequent distribution of these funds across at least six instant exchange platforms raised suspicions of foul play.
Bitcoin Moved Amidst Alarm Bells
According to ZachXBT’s findings, the transaction involved 3,520 BTC being transferred from a long-term holder with accounts on prominent exchanges like Coinbase and Gemini. The sudden movement of such a vast sum, coupled with the use of instant exchanges, suggests a potential theft. The transaction was executed in small increments, resulting in significant fees, which are atypical of legitimate trades.
The investigator highlighted that the limited liquidity of Monero on exchanges makes it susceptible to price manipulation, further corroborating the theory of an orchestrated hack.
Monero Prices Expected to Normalize
Following the recent liquidation activities, it is anticipated that Monero’s prices will stabilize and return to levels observed before the suspicious rally. The cryptocurrency community remains vigilant as further developments unfold.
As this situation continues to evolve, it serves as a stark reminder of the vulnerabilities within the digital currency space and the importance of robust security measures to protect assets and ensure market integrity.
