Monero Price Rises 50% Amid Alleged Money Laundering Activities

The price of Monero, a privacy-focused cryptocurrency, has risen by over 50% overnight on several exchanges, leaving crypto enthusiasts in search of an answer to this sudden increase. Onchain sleuth ZachXBT alleged that this move had been caused by the swap of a high amount of bitcoin to XMR, propping up the price gains. In social media, ZachXBT stated: “Nine hours ago a suspicious transfer was made from a potential victim for 3,520 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 50%.” Furthermore, he assessed it was “highly probable” for this hack to not be orchestrated by North Korean actors.