A suspicious transaction with over $330 million in Bitcoin has created panic across the crypto space, with several users calling it the latest high-profile hack. The ‘stolen funds’ have apparently been swapped for Monero (XMR), which in turn, led to a massive surge for $XMR.
$330M in Bitcoin Swapped for Monero (XMR) in New Crypto Heist
According to blockchain detective ZachXBT, a transfer of 3,520 BTC (valued at approximately $330.7 million) was made around nine hours ago from a potential victim’s wallet. The funds were swiftly funneled through more than six instant crypto exchanges before being converted into Monero (XMR), a privacy-focused cryptocurrency. The theft address linked to the transfer is: bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g.
After the transaction, Monero’s price experienced a significant jump of over 50%, briefly soaring from $234 to $329. As of reporting, XMR is trading at $301.40 — a 31.36% increase in the past 24 hours.
Market activity has seen a dramatic rise, with XMR’s 24-hour trading volume hitting $249.52 million, accounting to a 360% surge. Monero’s market capitalization now stands at approximately $5.54 billion.
The price rally triggered more than $1 million in short position liquidations across major exchanges, according to data from Coinglass.
Even as the exact objective of the Bitcoin to Monero transfer remains unknown, the incident has certainly sparked ‘theories’ in the crypto community. For e.g, some crypto experts have linked the swapping to tax evasion tactics, citing Monero’s strong privacy features, which makes transactions nearly untraceable. Others suggest the user may have opted to convert Bitcoin to Monero purely for privacy concerns.
ZachXBT noted that the nature of the transaction and the scale of the laundering raise suspicions of a ‘hack’, but no definitive conclusions have been drawn yet.
This attack is among the latest in the growing list of crypto-related heists. Recently, decentralized perpetual trading platform KiloEx reported a hack on April 15, 2025. However, the platform recently announced via X that it had successfully recovered the stolen funds and is currently working with judicial officials and cybersecurity experts to solve the case.
Also Read: Odin.Fun’s Bob Bodily Responds to Liquidation: Account Attacked by Hackers
