ZachXBT Flags $330M Bitcoin Transfer, Sparks Monero Price Increase

Coinspeaker
ZachXBT Flags $330M Bitcoin Transfer, Sparks Monero Price Increase

ZachXBT, a popular crypto investigator, pointed out that there has been a questionable transaction of 3,520 BTC with a value of $330.7 million. Using X, the sleuth stated that this could be the result of Bitcoin BTC $95 458 24h volatility: 1.7% Market cap: $1.90 T Vol. 24h: $22.44 B being stolen from its alleged owner and transferred to a wallet ending in “vz55g.”

After the alleged theft occurred, the stolen BTC was laundered across more than six instant exchanges and converted into XMR XMR $275.3 24h volatility: 20.6% Market cap: $5.08 B Vol. 24h: $309.05 M , the privacy-focused cryptocurrency for the Monero ecosystem.

As a result of this swap, there was a 50% jump in price of XMR, with the coin’s price increasing to $339. Monero’s XMR has slightly decreased to $270, which is 25% higher than its price before the large-scale swap, but lower than the peak of $339.

An X user mentioned that institutional exchanges appear safer than privately holding one’s coins, and ZachXBT explained that the issue lies in victims being socially engineered, meaning that “protections would not be helpful.”

Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)

Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g

Shortly 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

When asked if the hack was linked to North Korea or its hacking group, the Lazarus Group, the on-chain sleuth noted that it was most likely not the case.

Why This Might Be a Theft

ZachXBT highlighted the signs they identified before concluding it was likely a theft. The origin address had held BTC for an extended period and often interacted with well-known crypto exchanges like Coinbase and Gemini.

The alleged stolen funds were “transferred in small increments to instant exchanges, creating hundreds of orders.” The crypto investigator believes the hacker lost a significant amount to fees, suggesting it would have been inefficient for the genuine owner to do this.

Scams in the crypto world have been on the rise, with notable incidents such as Coinbase falling victim to a phishing scam. This resulted in users losing over $46 million, further highlighting the growing risks in the space.

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ZachXBT Flags $330M Bitcoin Transfer, Sparks Monero Price Increase