$330 Million Bitcoin theft triggers sharp 22% Monero rally to 4-year high

Monero (XMR) has soared to its highest price in four years after reports linked the privacy coin to a significant crypto theft.

On April 28, blockchain analyst ZachXBT revealed a suspicious transfer involving 3,520 Bitcoin (BTC), worth about $330.7 million.

The blockchain analyst explained that the victim is a “longtime Bitcoin holder” who is likely “a Gemini, River, Coinbase, etc” user.

Meanwhile, this laundering activity and the low liquidity on the trading platforms triggered a sharp price rally for XMR.

Data from CryptoSlate shows that Monero ranked among the top 10 performers in the past 24 hours. The privacy coin jumped 22% to a peak of $328, a level last reached in late 2021.

At the time of writing, XMR had pulled back slightly and was trading near $267.