Monero Spikes After Laundering of $330M BTC Through XMR
The post Monero Spikes After Laundering of $330M BTC Through XMR appeared on BitcoinEthereumNews.com. Monero (XMR) price recently experienced a substantial price surge, following a liquidity pump. That pump occurred due to the swapping of Bitcoin (BTC) worth about $330M, which were potentially acquired fraudulently. Monero Wallet BTC Laundering and Its Impact on XMR Price A recent 3,520 BTC suspicious transaction, worth about $330.7 million, was tracked and raised alarm in the crypto community. These potentially stolen BTC were traced back to the stealing address “bc1…7vz55g.” Shortly after stealing, the hacker laundered the stolen BTC tokens quickly by passing it through more than six instant exchanges to mask the transaction trace. As per the in-depth blockchain analysis, the laundered BTC coins were duly swapped for Monero. The XMR crypto is well-known or its anonymous character thus a hackers’ option when doing their malicious mixing for the actual owners to lose track of their coins. BTC to XMR swap activity | Source: X The anonymity feature of Monero provided the perfect vehicle for the hacker, where these stolen crypto tokens could be hidden further. The laundering process was operated by breaking up Bitcoin into smaller pieces on several exchanges. It was an attempt to reduce the chances of being detected by centralized institutions and blockchain observers. This massive and acute shifting into XMR resulted in a sudden liquidity shock in Monero markets. That caused the XMR price to spike drastically in an extremely short period. This massive spike put much attention on XMR markets, exemplifying how massive illicit activities could directly impact the altcoin’s price movements. Analysts noted that the unexpected buying pressure driven by the BTC-to-XMR exchanges could be the main force behind the Monero price surge. As investigations continue, the incident points to the weaknesses in crypto infrastructure. It also emphasizes the absolute need to monitor cross-asset laundering activity. Monero Price Prediction Diving…
The post Monero Spikes After Laundering of $330M BTC Through XMR appeared on BitcoinEthereumNews.com.
Monero (XMR) price recently experienced a substantial price surge, following a liquidity pump. That pump occurred due to the swapping of Bitcoin (BTC) worth about $330M, which were potentially acquired fraudulently. Monero Wallet BTC Laundering and Its Impact on XMR Price A recent 3,520 BTC suspicious transaction, worth about $330.7 million, was tracked and raised alarm in the crypto community. These potentially stolen BTC were traced back to the stealing address “bc1…7vz55g.” Shortly after stealing, the hacker laundered the stolen BTC tokens quickly by passing it through more than six instant exchanges to mask the transaction trace. As per the in-depth blockchain analysis, the laundered BTC coins were duly swapped for Monero. The XMR crypto is well-known or its anonymous character thus a hackers’ option when doing their malicious mixing for the actual owners to lose track of their coins. BTC to XMR swap activity | Source: X The anonymity feature of Monero provided the perfect vehicle for the hacker, where these stolen crypto tokens could be hidden further. The laundering process was operated by breaking up Bitcoin into smaller pieces on several exchanges. It was an attempt to reduce the chances of being detected by centralized institutions and blockchain observers. This massive and acute shifting into XMR resulted in a sudden liquidity shock in Monero markets. That caused the XMR price to spike drastically in an extremely short period. This massive spike put much attention on XMR markets, exemplifying how massive illicit activities could directly impact the altcoin’s price movements. Analysts noted that the unexpected buying pressure driven by the BTC-to-XMR exchanges could be the main force behind the Monero price surge. As investigations continue, the incident points to the weaknesses in crypto infrastructure. It also emphasizes the absolute need to monitor cross-asset laundering activity. Monero Price Prediction Diving…
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