28-4-2025 – A staggering 3,520 Bitcoin vanished in what blockchain sleuth ZachXBT has identified as a sophisticated theft operation this past Sunday.
The incident triggered a remarkable ripple effect across crypto markets, particularly impacting Monero’s valuation. The privacy-focused cryptocurrency witnessed an extraordinary surge, climbing 35% to reach $308.5, following a series of intricate transactions designed to obscure the stolen assets’ trail.
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
According to the detailed investigation, the perpetrators employed a complex laundering strategy, routing the purloined Bitcoin through multiple cryptocurrency exchanges. The stolen funds were systematically converted into Monero, a cryptocurrency renowned for its enhanced privacy features, causing unprecedented market movements due to the sheer scale of the conversions.
The blockchain analysis revealed that the funds were initially transferred to a specific wallet address before being methodically dispersed. The massive conversion to Monero created significant market pressure, resulting in a dramatic 50% price spike, largely attributed to the limited liquidity across trading platforms.
