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You are here: Home / Archives for monero coin

monero coin

Monero (XMR) Price Soars as $330M Bitcoin Theft Sparks Launders Across Six Exchanges

April 28, 2025 by Onyi

  • A suspected Bitcoin theft worth 3,520 BTC ($330.7 million) led to laundering across six exchanges, with the stolen funds converted into Monero (XMR), causing the price to surge by 51% before retracing.
  • Monero (XMR) experienced sharp price volatility due to large swaps and thin liquidity, with trading volume rising by 55% within two hours.

Monero saw a major surge in its price after Bitcoin worth approximately $330.7 million, (3,520 BTC), was suspiciously transferred from a suspected victim’s wallet to an unknown address. On-chain investigator ZachXBT reported that the event, which happened on Sunday, appears to be a theft.

The details of the theft were covered by on-chain investigator ZachXBT. Shortly after, the funds moved through more than six exchanges and were swapped into Monero (XMR), causing the price of XMR to increase by 51% to $347.72 within seven hours before retracing.

Monero (XMR) currently trades at $281.55 and has a high of 23.4% in the last 24 hours and 31.0% on the 7-day chart.

Screenshot 20250428 132224 Chrome
Monero (XMR) Price Soars as $330M Bitcoin Theft Sparks Launders Across Six Exchanges 2

source: coingecko.com

ZachXBT noted that the high transaction fees and the users’ suspicious movements suggest that it is a case of theft, although he believes there’s a high probability that North Korea was not involved. He also pointed out that the victim had been a longtime Bitcoin holder.

Monera (XMR) Volatility and Price Surge Due to Bitcoin Theft

Due to large swaps and thin liquidity, XMR experienced sharp price movements, and traders have been warned to expect increased volatility and greater regulatory attention. From a trading view, the theft and laundering created new risks and chances across several cryptocurrency pairs.

For instance, XMR’s price jumped 8.2% within two hours, suggesting that there has been an overbuy for XMR/USDT and XMR/BTC watchers. On Binance, XMR/USDT volume rose to $42.3 million between 15:30 and 17:30 UTC on April 28, 2025, marking a 55% rise compared to the earlier 24-hour average of $27.2 million.

Monero’s Privacy Features

Monero is the largest privacy-related token with a $5.3 trillion market cap and the 27th biggest cryptocurrency by value. Unlike other blockchain tokens and networks like Bitcoin and Ethereum, where everyone can see all transactions and track funds across wallets, Monero uses special technologies to hide wallet addresses and activities.

Read More: Best Payout Online Casinos Australia 2025– Highest Paying Australian Casinos

Filed Under: News, Crypto Scam Tagged With: Bitcoin (BTC), Crypto, Monero (XMR), monero coin, Zachxbt

Can Monero Save North Korea from Sanctions?

February 14, 2020 by Arnold Kirimi

According to a new report published by Recorded Future, North Korea is intensifying its efforts to mine Monero (XMR); a privacy-focused digital currency. Moreover, the report claims that the Asian country is expanding its Monero operations to help escape international sanctions.

The current North Korea regime has been making the headlines recently on cryptocurrency-related matters; ranging from scam and digital currency theft accusations. The country has been hit with several sanctions by the United States and other European nations for refusing to suspend the nuclear and missiles program. In particular, North Korea president Kim Jung Un has faced accusations of stealing and using cryptocurrencies illegally to fund the nuclear weapon program.

Moreover, the report by the cyber-security threat analysis company claims that internet usage in North Korea has risen significantly over the last three years. The report goes on to say that a significant part of this activity involves Monero mining. Monero is an open-source privacy-oriented digital coin that was launched back in 2014. The coin is unique due to its decentralized and anonymous nature.

However, in the current North Korea regime, the use of the internet is restricted to only the elite class and political officials. The reports of increased network usage and cryptocurrency mining are quite fascinating. The report only focuses on the global network accessible to such parties. The report highlights:

“For the North Korean political and military elite, the 2019 data show that the internet is not simply a fascination or leisure activity, but is a critical tool for revenue generation, gaining access to prohibited technologies and knowledge, and operational coordination.”

Why the Sudden Interest in Monero by North Korea?

Could the privacy features be the catalyst behind the increase in Monero interest in North Korea? Well, reports have been circulating that North Korea hacking groups have been targeting Western corporations and cryptocurrency investors. The malicious groups have especially targeted South Korean exchange firms.

Well, the country was initially involved in both Bitcoin and Monero mining. However, as of  May 2019, the Asian country forged a plan to rapidly intensify its Monero mining operations. Fair enough, this is linked to the anonymity of Monero as the currency has aided North Korea in evading financial scrutiny and control. Unlike Bitcoin, Monero transactions are well encrypted. The details of both the sender and receiver are well protected. As of Bitcoin, anyone can access transactions. The report reads:

“We have observed an at least tenfold increase in Monero mining activity from North Korean IP ranges since May 2019. We believe that Monero’s anonymity and lower processing power requirements likely make Monero more attractive than Bitcoin to North Korean users.’’

Is North Korea Investing in Monero to Avoid Sanctions?

Moving forward, the latest report published by Recorded Future, accuses the current regime of several engagements in cryptocurrency-related cyber crimes. As per the report, this has empowered North Korea to collect stolen digital assets; and be in a position to provide the necessary infrastructure for cryptocurrency mining.

According to reports, the focus on Monero by North Korea is all due to its privacy features. The country is investing hard to ensure transactions and other related information will stay anonymous; particularly to the United States and the United Nations Security Council that had imposed the sanctions.

In conclusion, North Korea even considered developing its own cryptocurrency to potentially evade U.S. sanctions. Former Ethereum developer, Virgil Griffith was indicted by the United States for conspiring with North Korea to avoid sanctions.

 

Filed Under: Altcoin News, News Tagged With: Bitcoin (BTC), cryptocurrency community, Monero (XMR), monero coin, monero mining, North Korea, North Korea regime

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