COINOTAG News reports on April 28th that QCP Capital has released a critical analysis of the current market dynamics, emphasizing the shifting correlations among Bitcoin, gold, and the stock market.
The post $330 Million Bitcoin Hack Drives Monero’s Price Surge appeared first on Coinpedia Fintech News The crypto world was jolted overnight as Monero (XMR) prices surged by more than 50%, sending shockwaves through the market. While such sudden spikes often raise eyebrows, this particular surge is linked to a massive Bitcoin theft worth around $330 million. The Bitcoin Heist Uncovered Renowned on-chain detective ZachXBT revealed that roughly 3,520 Bitcoins, valued at an astonishing $330.7 million, were moved from a compromised wallet. The stolen BTC was quickly shuffled through multiple addresses and laundered across six different exchanges, making it hard to trace the funds. The hacker swapped the stolen Bitcoin for Monero (XMR), a privacy-focused cryptocurrency designed to shield transactions. Given Monero’s lower liquidity compared to Bitcoin, the influx of BTC caused its price to jump by over 35%, reaching a high of $308.5. Who’s Behind the Hack? While ZachXBT speculates that this heist wasn’t the work of North Korean hackers , there’s no confirmation on the perpetrators. However, the methodical approach and the laundering strategy point toward a professional cybercriminal operation. The sudden Bitcoin-to-Monero move suggests a well-coordinated effort to obscure the stolen funds. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Crypto Hacks Q1 2025: How Hackers Stole Over $1.67 Billion in 197 Attacks , Monero’s Price Surge: Speculation or Long-Term Growth? The massive spike in Monero’s price has sparked excitement, but experts caution that the rally may not last. Open interest in Monero futures reached a new yearly high, with many traders jumping on the bandwagon. However, analysts like Min Junng from Presto highlight that Monero’s network activity hasn’t seen any significant uptick, suggesting that this rally might be driven by speculation rather than genuine growth. Takeaway This hack serves as a stark reminder of how major cybercriminal activities can send ripples through the crypto markets . 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Monero (XMR) rallied hard, a price move unexpected of a vintage altcoin, possibly linked to a BTC exploit and fund laundering. The former privacy coin expanded on expectations it may be brought back to major exchanges. Monero (XMR) rallied on expectations of being brought back to major exchanges. Previously, XMR skipped several opportunities of a bull market, due to a campaign of delistings against privacy coins. XMR rallied by over 24%, the highest range in the past 12 months. XMR climbed to $286.04, as the price went vertical in the past day. The rally arrives after months of sideways trading and dips close to the $120 range. XMR is now back to its levels from April 2022, recovering from the years of the bear market. The privacy coin briefly peaked above $316, adding up to $1B in market value overnight. XMR also turned into one of the most overbought assets, suggesting the price expansion may be short-lived. XMR was among the most overbought assets after the recent unusual price spike. | Source: CoinGlass The XMR asset has been largely forgotten since the last bull cycle, mostly due to being excluded from centralized markets. The new rally revived expectations of revisiting four-digit prices and lining up among blue chip crypto coins, as during previous bull markets. The rally is highly unusual, happening at a time of extremely low sentiment for altcoins. Other coins and tokens from previous bull markets are still hovering near their lower range. The altcoin season index sank even lower to 16 points, with XMR being the big exception. Did a hack cause the XMR rally? According to on-chain investigator ZachXBT, the recent XMR rally follows an exploit that transferred 3,520 BTC out of a single wallet. Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M) Theft address bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g 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 The hacker moved the BTC within hours to several addresses, including the most easily available exchanges. Some of the transfers of 10 BTC were sent to the KuCoin hot wallet, one of the few exchanges with a lively XMR market. The hacker quickly moved the BTC to new addresses, sending some to KuCoin for its lively XMR market. | Source: Arkham Intelligence In a bid to hide the funds, the attacker used exchanges with a Monero market, which could anonymize the funds after withdrawal. The rapid selling by the suspected hacker also reversed the rally at its peak above $300. Most centralized exchanges hold minimal XMR reserves after years of a highly inactive market. Reportedly, the trader used up all of Kraken’s reserves, while also tapping several other small markets. The XMR rally lost its liquidity at around $300, making it extremely risky for late entrants. Despite this, derivative trading for XMR picked up, with open interest rising to over $31M. The unexpected rally caused short liquidations, and traders fluctuated between short and long positions. Monero can return as a regulation-compatible asset The alternative explanation for the recent rally is the possibility of XMR to return as a regulated asset, compatible with major exchanges. One of the expectations is that the Monero network can implement a long-awaited upgrade, the EP-159. This would allow XMR to perform as a trackable asset, exposing selected wallets. According to the Monero community, the upgrade has passed all tests and may be implemented on the main net soon. However, the time frame of bringing back XMR may be longer, and the asset may remain an anonymous coin with niche uses. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Monero’s XMR token skyrocketed 51% as investigators linked it to the laundering of $333 million in stolen Bitcoin, marking a significant event in the crypto realm. On-chain analyst ZachXBT highlighted
With a weekly close below the resistance at $94,000, what could be in store for Bitcoin in the weeks ahead? Monday sees the $BTC price already pushing up through this resistance. Will it keep going, or could there be a bearish twist to come? War, tariffs, and economic data could still put a spoke in Bitcoin’s wheel All is seemingly serene on Monday morning. Although Bitcoin did pause at the $94,000 resistance level at last week’s close, the price has barged on through early on Monday - currently above $94,700. If all remains quietish on the Trump tariffs front, and peace talks can progress in an orderly fashion for the Russia/Ukraine war, there shouldn’t be too much to stop this current rally for Bitcoin. Of course, that is a really big ‘if’. Things can change in the blink of an eye, especially where war is concerned. In addition, a lot of important US economic data is reported this week. This includes Job Openings, Consumer Confidence, Q1 GDP estimates, Core PCE, Jobless Claims, ISM Manufacturing PMI, Nonfarm Payrolls, and Unemployment Rate. The Q1 GDP and the Core PCE Price Index have the potential to be the most impactful of the data releases given their relevance to growth and inflation. Either of these two could certainly put a spoke in the wheel of Bitcoin’s upside surge. $BTC battles through the beginning of resistance Source: TradingView The 4-hour time frame for $BTC shows how the price is battling through the resistance levels. This resistance persists right up to the $100,000 horizontal level, so it may not all be plain sailing from here. That said, the 4-hour and 8-hour Stochastic RSIs have reset and both have their indicators angled upwards from the bottom. Indicators signal strong upside price momentum Source: TradingView The weekly chart for $BTC displays a very positive aspect. As long as the $94,000 horizontal level can be flipped into support at the end of this week, things should remain bullish. Of course, the bulls could push the price up to the $100,000 level and beyond. If this took place by the end of the week, the $109,000 all-time high would certainly be the next target. Impetus is getting behind the price now, signalled by the Stochastic RSI on the weekly, which has the two indicator lines sailing up from the bottom. That the indicator lines have also crossed up from the bottom on the 2-week time frame is even further evidence of a continuance of this rally. The last bull market upside surge? Macro economic factors allowing, this upside surge could be maintained over the next several weeks. However, once it runs out of steam, it could be the last of this particular bull market. The four-year cycle is coming to an end, and a bear market awaits at its conclusion. How far can Bitcoin climb before this takes place? Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
A suspected $330 million Bitcoin theft flagged by ZachXBT saw the funds laundered through Monero, triggering a XMR price surge. This incident highlights ongoing challenges in cryptocurrency security, sparking discussions
Onchain sleuth ZachXBT has flagged a suspicious transfer involving 3,520 Bitcoin ( BTC ) (valued at $330.7 million) that may indicate a major theft. The transaction, reported on April 28, saw funds moved from a potential victim’s wallet to the address bc1qcry...vz55g. Following the transfer, the stolen stash was quickly laundered through over six instant exchanges and swapped into privacy-focused cryptocurrency Monero ( XMR ). The large-scale conversion led to a sharp 50% spike in XMR’s price, with the token reaching an intraday high of $339, according to data from CoinMarketCap. Source: ZachXBT At the time of writing, XMR has settled slightly but remains up 25% in the past 24 hours, trading at $289. When asked whether North Korea’s Lazarus Group was behind the attack, ZachXBT dismissed the theory, stating it was “highly probable it’s not,” suggesting independent hackers were responsible. Related: Kraken to end Monero support in European Economic Area Vast majority of hackers use mainstream cryptos In a recent comment to Cointelegraph, Chainalysis noted that most criminal transactions still rely on mainstream cryptocurrencies. “While there are concerns of more criminals moving to privacy coins for anonymity, the vast majority of criminal activity still uses mainstream cryptocurrencies, such as Bitcoin, Ethereum and stablecoins,” Chainalysis said. The firm added that these assets remain attractive because they offer the same benefits to bad actors as they do to legitimate users — cross-border functionality, instant settlement, and high liquidity. Chainalysis noted that privacy coins pose limitations for criminals due to reduced liquidity and the fact that many major exchanges have delisted assets like Monero . “Cryptocurrency is only useful if you can buy and sell goods and services or cash out into fiat, and that is much more difficult with privacy coins, especially as many mainstream exchanges have offboarded the use of privacy coins, such as Monero,” they explained. The firm even said that blockchain transparency allows law enforcement to trace and recover illicit funds, regardless of the cryptocurrency used. In 2024, a leaked Chainalysis video suggested that Monero transactions could be traceable despite the privacy-preserving nature of the blockchain. The video reportedly showed how Chainalysis could track transactions back to 2021 via its own “malicious” Monero nodes. Related: The IRS offers a $625,000 bounty to anyone who can break Monero and Lightning Network Monero accepted at Spar stores in Switzerland The suspected laundering operation comes as Monero is gaining wider retail acceptance. Two Spar supermarket locations in Switzerland recently began accepting XMR for payments. The announcement, shared by Monero’s official X account, credits partnerships with DFX Swiss and OpenCryptoPay for enabling the integration. One user, posting on April 25, shared their experience of purchasing organic cacao using XMR at a Spar store in Kreuzlingen. User paying for goods with Monero. Souce: Schmidt In April 2025, Spar first tapped into the crypto market by introducing Bitcoin payments through the Lightning Network at outlets in Zug, Switzerland. Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26
Monero’s XMR token spiked on Monday, with investigators suspecting the network was used to launder $333 million worth of stolen Bitcoin.
Leading cryptocurrency Bitcoin (BTC) has been on a strong recovery lately. In this strong recovery, BTC is showing signs of decoupling from traditional risky assets and emerging as a reliable store of value during market volatility. At this point, Bitcoin's recent behavior highlights its tendency to act independently of traditional assets in times of uncertainty. Bitcoin has emerged as a store of value, decoupling from traditional financial assets amid U.S. President Donald Trump’s tariff war and increasing policy turmoil, Greg Cipolaro, global head of research at crypto lender NYDIG, said in a recent report. Cipolaro noted that while BTC has decoupled from U.S. equities and is now behaving more like a non-sovereign store of value like gold, a typical safe-haven asset, it is still early days. This shift between Bitcoin and traditional risk assets was particularly evident following President Trump’s “Liberation Day” tariff announcements on April 2, which triggered a sense of risk aversion in financial markets. Cipolaro also noted that traditional safe-haven assets like gold and the Swiss franc remain resilient, and BTC has carved out a niche among investors looking for alternatives to U.S. assets. Cipolaro added that despite Bitcoin’s recent gains, there are few signs that the market is overheating and the recovery is still in its early stages. While BTC’s $1.8 trillion market cap is significantly smaller than gold’s $22 trillion, Cipolaro emphasized that BTC differs from other cryptocurrencies that are primarily focused on decentralized applications rather than serving as a store of value. *This is not investment advice. Continue Reading: Bitcoin (BTC) Rises from the Ashes under Trump Presidency! NYDIG's Most Talked About Report!
When it comes to institutional involvement in the cryptocurrency space, few names are as prominent or as influential as Michael Saylor and his company, MicroStrategy . Known for their aggressive and unwavering strategy of accumulating Bitcoin (BTC) , every move they make is closely watched by the market. Recently, Saylor took to X (formerly Twitter) to share a fresh look at the company’s substantial BTC portfolio , sparking considerable discussion and speculation among crypto enthusiasts and investors alike. Who is Michael Saylor and Why Does His MicroStrategy Bitcoin Strategy Matter? Michael Saylor is the co-founder and executive chairman of MicroStrategy, a business intelligence firm that made a pivotal decision in 2020 to adopt Bitcoin as its primary treasury reserve asset. This move was unprecedented for a publicly traded company and signaled a bold step towards institutional adoption of cryptocurrency. Saylor himself has become one of Bitcoin’s most vocal proponents, often referred to as a leading voice in the Bitcoin community. MicroStrategy’s strategy isn’t just about holding Bitcoin ; it’s about continuously acquiring more. They have frequently used various methods, including issuing debt and equity, to fund their purchases. This consistent accumulation has made MicroStrategy the largest corporate holder of Bitcoin by a significant margin. Because of this, their buying activity can influence market sentiment and even price action, making their portfolio updates crucial pieces of news. Decoding the Latest BTC Portfolio Update Michael Saylor’s recent post on X featured a chart detailing MicroStrategy’s current BTC portfolio holdings. While the exact numbers were presented visually in the chart shared (which we assume was part of the original post context), the significance lies in the act of sharing the update itself. For those following MicroStrategy, these periodic disclosures serve as checkpoints on the company’s journey to accumulate as much Bitcoin as possible. Historically, similar updates from Saylor and MicroStrategy have often preceded announcements of additional Bitcoin purchases. The company has a track record of communicating its position and strategy openly, and sharing the latest portfolio figures can sometimes be a precursor to deploying more capital into the market to acquire more sats. What Does “Stack Sats” Really Mean for Investors? Alongside the chart, Saylor’s message was simple yet powerful within the Bitcoin community: “Stay Humble. Stack Sats .” This phrase embodies a core philosophy popular among Bitcoiners. “Sats” Explained: “Sats” is short for satoshis, the smallest unit of Bitcoin . Just as a dollar is divided into 100 cents, one Bitcoin is divisible into 100 million satoshis. “Stacking” Explained: To “stack sats” means to accumulate satoshis (or Bitcoin) over time, often through regular, smaller purchases rather than trying to time the market. This is essentially a form of Dollar-Cost Averaging (DCA) applied to Bitcoin. The Philosophy: The mantra “Stay Humble. Stack Sats ” encourages patience, a long-term perspective on Bitcoin’s value, and consistent accumulation regardless of short-term price volatility. It promotes the idea that every satoshi accumulated is valuable and contributes to one’s long-term wealth building in the Bitcoin ecosystem. For many in the community, this phrase is more than just a catchy slogan; it’s a guiding principle for how to approach their Bitcoin investment strategy. Saylor using it reinforces MicroStrategy’s commitment not just to holding Bitcoin, but to the underlying philosophy of continuous accumulation. Is MicroStrategy Gearing Up for More Bitcoin Purchases? While Saylor’s post didn’t explicitly announce a new purchase, the timing and context strongly suggest the possibility. As mentioned, past portfolio updates have frequently been followed by announcements of significant acquisitions. This pattern leads many to believe that MicroStrategy might be preparing to add more Bitcoin to its already massive holdings in the near future. MicroStrategy’s consistent buying is part of its long-term corporate strategy, viewing Bitcoin as a superior store of value compared to traditional fiat currencies. They have expressed confidence in Bitcoin’s potential for long-term appreciation and its role as a hedge against inflation and economic uncertainty. Therefore, it’s not a question of if they will buy more, but when and how much. The Impact of MicroStrategy’s Moves on the Bitcoin Market MicroStrategy’s Bitcoin accumulation strategy has several impacts on the market: Validation: Their large-scale investment provides a form of validation for Bitcoin as a legitimate asset class for corporations and institutions. Supply Shock: By taking large amounts of Bitcoin off the market and holding it long-term, they contribute to reducing the available supply, which can be a bullish factor for price. Market Sentiment: Their public statements and actions often influence sentiment, especially among institutional investors who might be considering their own allocations. However, it’s also important to consider potential challenges or risks. MicroStrategy’s significant exposure to Bitcoin ties a large part of its corporate value to the volatile crypto market. While Saylor remains bullish, a prolonged downturn in Bitcoin’s price could impact MicroStrategy’s balance sheet and stock performance. Actionable Insights for Bitcoin Enthusiasts What can individual investors take away from Michael Saylor’s latest update and the “Stack Sats” philosophy? Stay Informed: Keep an eye on major institutional players like MicroStrategy. Their actions can provide insights into market trends and sentiment. Consider the Long Term: The “Stack Sats” mantra is about thinking in terms of long-term accumulation rather than short-term trading gains. Consider a Dollar-Cost Averaging strategy for your own investments. Do Your Own Research (DYOR): While MicroStrategy’s strategy is influential, it’s crucial to understand your own financial goals and risk tolerance before investing in Bitcoin or any other asset. Conclusion: The Enduring Strategy of Stacking Sats Michael Saylor’s latest sharing of MicroStrategy’s BTC portfolio serves as a fresh reminder of the company’s unwavering commitment to Bitcoin . Coupled with the simple yet profound message to “Stay Humble. Stack Sats ,” it underscores a long-term accumulation strategy that has become synonymous with the firm. While not a direct announcement of a purchase, the update, given past patterns, hints strongly at the potential for MicroStrategy to continue adding to its already substantial holdings. As institutional interest in Bitcoin continues to grow, the actions of key players like Michael Saylor and MicroStrategy will undoubtedly remain a significant factor for the market to watch. To learn more about the latest Bitcoin trends, explore our article on key developments shaping the crypto market and institutional adoption.