A new heist of 3,520 Bitcoin, worth a staggering $330.7 million, suspiciously transferred from a single wallet

A new heist of 3,520 Bitcoin, worth a staggering $330.7 million, was suspiciously transferred from a single wallet, according to a report by prominent blockchain investigator ZachXBT.

The theft triggered a dramatic chain of events that saw the stolen funds follow a path of instant exchanges and culminate in a 50% price surge for Monero (XMR).

9 hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)Theft addressbc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55gShortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…

The Bitcoin Heist Trail

ZachXBT flagged a transfer from a potential victim’s wallet to the address “bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g.” Given the significant size of the transaction—3,520 BTC—at least one crypto watcher immediately assumed the funds were stolen.

The stolen Bitcoin was rapidly moved through more than six instant exchanges within hours. In a textbook laundering maneuver, the funds were systematically exchanged for Monero, the privacy-focused cryptocurrency known for its untraceable transactions.

Monero Price Spikes 50% Amid Privacy Coin Concerns

The thieves converted vast sums of Bitcoin into XMR, thereby increasing demand for the privacy coin. Within hours, the outcome saw Monero’s price spike by 50%, reaching $308.5 at the time of writing—a level not seen in years. Open interest in Monero futures also reached its highest level since December as fresh capital poured into the market.

Monero broke a long-term ascending triangle pattern, and the price is following bullish momentum toward a possible objective of $345. Extreme market exuberance and the Relative Strength Index (RSI), which shot above 83 indicated a potential for short-term volatility.

The occurrence has brought renewed attention to the role of privacy currency like Monero in the cryptocurrency ecosystem. The criminals used XMR’s anonymity capabilities to successfully remove their digital traces by transferring the stolen bitcoin across at least six quick trades making it difficult for regulators and law enforcement to track the illegal cash.