The $330M Bitcoin Heist That Triggered a 50% Monero (XMR) Price Surge

A shadowy hacker’s $330 million Bitcoin heist has ignited chaos in cryptocurrency markets, triggering a jaw-dropping 50% surge in privacy token Monero (XMR) and leading experts to suspect a brazen plot to amplify profits through derivatives.

Here’s how the saga unfolded.

On April 27, 2025, a Bitcoin wallet inactive for eight years suddenly moved 3,520 BTC ($330.7 million). Blockchain sleuth ZachXBT flagged the transaction as suspicious, tracing it to an “OG Bitcoiner” likely robbed of their fortune. The stolen funds were split across 100+ wallets, then funnelled through instant exchanges like FixedFloat. But instead of cashing out via stablecoins, the hacker chose Monero, a privacy coin renowned for untraceable transactions.

Monero’s price shot up 45% within hours, reaching $391. However, data reveals a deeper scheme: open interest in XMR derivatives doubled to $35.1 million, hinting at a calculated play to profit twice, first from laundering and then from the markets.

Monero’s limited liquidity made it a volatile target. With just $1 million in market depth per 2% price swing, the hacker’s massive XMR buys caused immediate chaos. Slippage likely wiped out $66 million from their haul, but derivatives data tells a different tale.

While spot prices rose 45%, open interest in futures and options surged 107%, far beyond natural growth. Analysts estimate $11 million in pre-positioned long bets capitalized on the rally.

“This wasn’t random,” said a CoinDesk trader. “Someone knew the pump was coming.”

Here’s the twist: The hacker may have offset these losses by gambling on XMR’s rise. Before swapping BTC to XMR, they could have opened leveraged long positions on derivatives platforms. With 10x leverage, a 50% price jump would yield 500% returns, turning $11 million into $55 million.

Meanwhile, Monero’s privacy features masked the stolen funds, while derivatives profits flowed through cleaner channels. This mirrors past schemes: In 2022, Avi Eisenberg manipulated Mango Markets via price oracle exploits, amassing $114 million before facing prison.

While some question why the hacker chose XMR over mixers like Tornado Cash, the answer lies in control. Monero’s stealth addresses and ring signatures erase transaction trails, but its thin liquidity also makes it an exploitable target for large players.

Exchanges like Binance and Kraken have already begun delisting XMR in certain regions, further squeezing liquidity. By exploiting this, the hacker transformed a privacy tool into a profit engine, crashing markets on the way out. By Monday evening, XMR had tumbled to $295, leaving retail traders scrambling.

This isn’t new. In April 2024, a trader pumped JELLY tokens on illiquid exchanges, tricking pricing oracles to boost derivatives on HyperLiquid. Similarly, the XMR attacker likely bought spot to inflate futures in a “pump-and-dump” with extra steps.

“These schemes prey on low liquidity,” said blockchain analyst Clara Wright. “They buy the asset, ride the derivatives wave, then vanish. It’s rinse-and-repeat for sophisticated criminals.”

This hack intensifies scrutiny on privacy coins as regulators circle. While groups like Lazarus prefer Bitcoin, Monero’s anonymity lured this thief. The ECB has pressured exchanges to drop XMR, and the U.S. Treasury blacklisted Tornado Cash in 2022 for facilitating laundering.

Yet regulation is lagging. Instant exchanges like FixedFloat operate in grey zones, enabling hackers to swap coins swiftly. Until liquidity tightens or legal frameworks catch up, experts warn that such heists will continue.

The $330M Bitcoin heist highlights a perfect storm of greed and anonymity in the cryptocurrency realm. As researchers at Chainalysis note, this incident is a stark reminder of the vulnerabilities that exist within the decentralized ecosystem.

While the stolen BTC is being tracked by blockchain sleuth ZachXBT, the Monero transactions may ultimately lead to a dead end, rendering the thief untraceable.

For investors observing this saga, the key takeaway is that low-liquidity assets remain hunting grounds for manipulators, especially as institutions are increasingly engaging in crypto trading.

With the U.S. Federal Reserve pivoting towards a less hawkish stance and the European Central Bank pressuring exchanges to drop Monero, the scene is set for more chaos in the coming months.