Bitcoin (BTC) had a good start to the week ahead of critical data releases, with the price rising above $94,000.
While Ethereum and altcoins were also on this rise, there was a surprise jump in an altcoin.
Privacy-focused altcoin Monero (XMR), which was delisted by Binance, made a surprise rise today and became a hot topic in the crypto market.
While analysts noted that there was no specific catalyst for the rise in XMR, blockchain security expert ZachXBT explained that the reason for the rise in XMR was a hacker.
According to ZachXBT's post, a hacker converted the stolen $330.7 million worth of Bitcoin into XMR, and the XMR price jumped.
ZachXBT noted that around nine hours ago, an address starting with “bc1qcr” was hacked and 3,520 BTC (worth $330.7 million) was stolen.
The hacker then laundered the stolen funds across more than six exchanges and converted them into Monero (XMR), which caused a significant increase in XMR prices.
“A hacker made a suspicious transfer of 3520 BTC (worth $330.7 million) from an address nine hours ago.
Shortly thereafter, the stolen BTC funds began to be laundered through over 6 exchanges and exchanged for XMR, causing the XMR price to increase by 50%.
XMR continues to trade at $285 at the time of writing.
*This is not investment advice.
