Key Notes
- ZachXBT says that $330 million was stolen recently from a private owner.
- The stolen funds were laundered through Monero.
- XMR’s price jumped as a result of the large-scale swap.
ZachXBT, a popular crypto investigator, pointed out that there has been a questionable transaction of 3,520 BTC with a value of $330.7 million. Using X, the sleuth stated that this could be the result of Bitcoin
BTC
$95 337
24h volatility:
1.7%
Market cap:
$1.89 T
Vol. 24h:
$22.21 B
being stolen from its alleged owner and transferred to a wallet ending in “vz55g.”
After the alleged theft occurred, the stolen BTC was laundered across more than six instant exchanges and converted into XMR
XMR
$276.6
24h volatility:
21.2%
Market cap:
$5.09 B
Vol. 24h:
$305.82 M
, the privacy-focused cryptocurrency for the Monero ecosystem.
As a result of this swap, there was a 50% jump in price of XMR, with the coin’s price increasing to $339. Monero’s XMR has slightly decreased to $270, which is 25% higher than its price before the large-scale swap, but lower than the peak of $339.
An X user mentioned that institutional exchanges appear safer than privately holding one’s coins, and ZachXBT explained that the issue lies in victims being socially engineered, meaning that “protections would not be helpful.”
Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55gShortly 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
When asked if the hack was linked to North Korea or its hacking group, the Lazarus Group, the on-chain sleuth noted that it was most likely not the case.
Why This Might Be a Theft
ZachXBT highlighted the signs they identified before concluding it was likely a theft. The origin address had held BTC for an extended period and often interacted with well-known crypto exchanges like Coinbase and Gemini.
The alleged stolen funds were “transferred in small increments to instant exchanges, creating hundreds of orders.” The crypto investigator believes the hacker lost a significant amount to fees, suggesting it would have been inefficient for the genuine owner to do this.
Scams in the crypto world have been on the rise, with notable incidents such as Coinbase falling victim to a phishing scam. This resulted in users losing over $46 million, further highlighting the growing risks in the space.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
