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A mysterious hack led to a Monero pump! 📈
On Monday, XMR jumped over 50% in a single day, surging from $220 to nearly $350. At first, it may have looked like a breakout rally, but as details emerged, it became clear that this pump was no accident.
Crypto sleuth ZachXBT uncovered a massive transfer of 3,520 BTC (worth over $330 million) from a long-dormant wallet. Apparently, the hackers targeted an OG Bitcoiner from the early crypto days.
The funds were then split up, funneled through multiple instant exchanges, and swapped into Monero (XMR).
Why Monero?
Its privacy features make it nearly impossible to trace. But that secrecy comes at a cost as Monero’s low liquidity meant that the sudden buying pressure caused the price to skyrocket.
Here’s the twist!
Open interest in XMR futures doubled during the spike, meaning someone may have bet big on this pump before it happened.
Using spot buys to move the price and cashing in on leveraged positions?
That looks like a market manipulation play… 0 reply
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