A large transfer of 3,520 BTC to Monero caused a 50% jump in the price of XMR, highlighting the risks of anonymizing funds and raising questions about the security of cryptocurrencies.
On April 28, 2025, a large transfer of 3,520 BTC, equivalent to more than $330 million, was recorded on the bitcoin blockchain, raising suspicions of possible theft. Funds sent from a wallet believed to belong to the victim were quickly distributed to six or more cryptocurrency exchanges and converted into Monero (XMR), a privacy-focused cryptocurrency.
Prominent onchain analyst #ZachXBT, who first reported the transaction, suggested it could be a #hacker attack, as quick conversion to Monero is a common way to hide traces of illicit funds. The event triggered a 50% surge in the price of Monero, with reports of it jumping from ~$230 to $320 in a matter of hours.
The choice of Monero for conversion underscores its reputation as a tool for anonymizing transactions. Unlike #bitcoin's transparent blockchain, Monero utilizes advanced cryptographic techniques such as ring signatures and hidden addresses, making tracking nearly impossible. The incident has reignited debate over the role of private coins in the crypto ecosystem, with some speculating that the price spike could have been caused by market manipulation or increased demand due to the transfer.
The lack of official statements from exchanges or law enforcement agencies leaves the nature of the transfer unclear. While ZachXBT's analysis points to a possible theft, neither the victim nor authorities have confirmed the hack, which allows for other explanations, such as a large holder anonymizing the funds for legitimate reasons. The case could draw regulatory attention to Monero, which has already faced delisting from major exchanges such as #Binance due to #anti-money laundering requirements.
