Crypto detective ZachXBT documented a suspicious transaction transfer, in which 3520 BTC was moved, amounting to $333.5 million at the time of writing. The funds were converted into Monero (XMR), which triggered a sharp increase in its price.
This is reported by Finway
Malicious Deal and Market Reaction
According to ZachXBT’s report, the transfer occurred from a potential victim, and the recipient’s address points to a possible criminal. On the night of April 28, 2025, as on-chain data indicates, the funds reached the wallet of an alleged hacker. Shortly after, the assets were withdrawn through more than six exchanges and converted into XMR, causing a price spike.
“Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M). Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…” — ZachXBT (@zachxbt) April 28, 2025
Impact on Liquidity and Price
The increase in XMR’s price was made possible due to limited liquidity, which is linked to the delisting of the asset from many major centralized exchanges, including Binance. Following the aforementioned spike, the price of XMR reached $391, but subsequently decreased somewhat. At present, the weekly chart shows a gain of 23%.
Thus, such transactions provoke a significant market reaction due to increasing volatility, which is a result of large buy orders and trading volume in the XMR/BTC pair.