Michaela
On-chain researcher ZachXBT has raised alarms over a suspicious transfer of 3,520 Bitcoin, worth roughly $330.7 million, which caused a spike in the price of Monero, suggesting it may be linked to a major theft.
In a post shared on X on April 28, the on-chain analyst reported that the Bitcoin was transferred from what appears to be a compromised wallet to the address beginning with “bc1qcry” and ending in “vz55g.”
ZachXBT also pointed out that the stolen Bitcoin was funneled through more than six instant exchange platforms before being converted into Monero (XMR), a privacy-centric cryptocurrency. The large-scale swap appeared to fuel a sharp rally in XMR, sending its price soaring by 50% in a matter of hours.
In a follow-up post on X, on-chain analyst ZachXBT outlined why the $330 million Bitcoin transfer appears to be tied to a theft. He noted that the wallet in question had been dormant for a significant period, suggesting long-term holdings unlikely to be moved without cause.
The wallet was also linked to major regulated exchanges such as Gemini, River, and Coinbase—platforms where users are typically identity-verified, making such behavior unusual for a legitimate user.
Additionally, rather than consolidating the funds into a single transaction, the sender fragmented the Bitcoin into numerous smaller transfers and routed them through multiple instant, non-KYC exchanges. This approach, commonly associated with laundering, points to an effort to obscure the origin of the funds.
ZachXBT also emphasized that the method of dispersal would result in substantial losses from fees and inefficiencies—an impractical strategy for any legitimate user, but one that aligns with attempts to conceal illicit activity.
When asked whether North Korea—potentially referencing the state-sponsored Lazarus Group—might be behind the incident, ZachXBT rejected the notion. He stated it was “highly probable it’s not,” indicating that the theft was more likely carried out by independent hackers rather than a nation-state actor.
At the time of writing, Monero is trading at $273.04, reflecting a 12.72% decline over the past 24 hours, according to CoinMarketCap data.
The incident has renewed conversations around the use of privacy coins in illicit finance, emphasizing the ongoing tension between financial privacy and regulatory oversight. As scrutiny intensifies, both exchanges and blockchain analytics firms may face increasing pressure to balance user autonomy with proactive monitoring, especially as tactics used by malicious actors become more sophisticated.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
