Monero surged 50% to $388 after a $330 million hack of Bitcoin. The stolen BTC was converted to XMR, resulting in a supply-demand shock. Will the rally of XMRUSDT continue?
In an unexpected turn, XMR, the cryptocurrency behind the privacy-centric network Monero, jumped 50% to reach $388, according to Binance data. This surge not only positioned XMRUSDT as a top performer, surpassing even some notable Solana meme coins, but it also underscored Monero’s crucial role in the cryptocurrency landscape.
The rapid increase in XMR prices has analysts and traders scrambling to pinpoint the driver behind the movement. Reports indicate that the price spike to $388 was linked to a massive Bitcoin hack, where an address lost 3,520 BTC, worth more than $330 million at current rates. Blockchain investigator ZachXBT noted that the stolen funds were swiftly converted to XMR, causing a significant demand increase in the Monero market.
XMRUSDT Surging After Large-Scale Bitcoin Conversion?
ZachXBT recently highlighted a wallet belonging to a long-time BTC holder suspected of using exchanges like Gemini, River, or Coinbase to transfer funds. Transfers were made to the address bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g, identified as a theft address.
“Nine hours ago, a suspicious transfer was made of 3,520 BTC ($330.7M). Shortly thereafter, the funds began to be laundered through multiple instant exchanges and swapped for XMR, which significantly boosted its price.”
— ZachXBT (@zachxbt) April 28, 2025
Within hours, the stolen funds were circulated through various exchanges and converted to XMR, which is known for its privacy features that conceal transaction trails. This large-scale conversion of BTC to XMR spurred a sudden increase in demand, propelling prices up to $388.
Additionally, Monero’s low liquidity, following delistings from major platforms like Binance and Coinbase, has magnified its price volatility, fueling the astonishing 50% appreciation.
According to market intelligence, only Kraken and Bitfinex currently offer support for XMR. Kraken, available to non-European users, sees an average daily trading volume of less than $20 million. By comparison, XRP maintains over $500 million in daily volume on Binance alone.
Why Monero?
Monero transactions are inherently private, employing features like stealth addresses and ring signatures that make tracking by third parties nearly impossible. These privacy features have made XMR the coin of choice for individuals focused on maintaining that secrecy—even attracting those who may wish to launder illicit funds. In this incident, the hacker’s method of spreading BTC conversions across six exchanges demonstrated a clear intent to maintain anonymity while incurring higher fees in the process.
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