The ancestor of privacy coins — Monero (XMR) suddenly surged by 50% today (28), briefly breaking through $320, reaching a new high since May 2021. Analysts point out that this surge in XMR is likely related to a Bitcoin theft case amounting to $330 million.

On-chain detective ZachXBT revealed that this morning a 'suspicious transfer' worth 3,520 bitcoins (approximately $330.7 million) occurred, suspected to be related to a large-scale theft incident.

Image source: X

He pointed out that this large amount of funds was transferred from a suspected victim's wallet to a new address 'bc1qcry…vz55g', and was quickly dispersed to more than 6 exchanges and exchanged for XMR to cover the flow of funds.

Due to the large scale of the single exchange and limited market liquidity, the price of XMR was pushed up by more than 50% in a short period, shocking the market; trading volume also soared, with the 7-day average trading amount jumping from about $50 million to over $220 million.

According to CoinGecko market data, as of the time of writing, XMR is priced at approximately $308.5, up 35% in the past 24 hours.

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'The increase was very sudden! Monero suddenly surged by 50%, is it related to the Bitcoin theft incident?' This article was first published on 'Crypto City'