1 month ago
On-chain researcher ZachXBT whitethorn person determined wherefore privateness coin Monero (XMR) surged arsenic overmuch arsenic 40% aboriginal Monday: Someone astir apt got hacked.
ZachXBT reported that 3,520 bitcoin (BTC) ($330.7 million) was drained from an code and past swapped for XMR.
Market information shows a spike successful volatility coming from an excess successful bargain orders for the XMR-BTC bid book.
Market observers initially had a hard clip determining what caused the large spike arsenic metrics specified arsenic progressive wallets and web enactment hadn't risen accordingly.
Liquidity for XMR has been constricted during the past fewer months arsenic large exchanges delisted the privateness token successful a bid to combat acheronian nett markets. The deficiency of liquidity would person made immoderate sizeable bargain a catalyst for outsized pricing gains. CoinGecko data shows that the bid extent for XMR is importantly smaller than for tokens of akin marketplace cap.
XMR is trading for implicit $300 according to CoinDesk markets data.
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