Privacy-oriented cryptocurrency Monero (Cryptography: XMR) It spiked on Monday morning. As of 12:45pm ET, it had scored 14.5% in 24 hours. Unfortunately, this sudden jump was clearly the result of some unpleasant financial moves, including large bitcoin (Cryptography: BTC) robbery.
Monero began a rapid price hike on Sunday night, leaving Market Observers with more questions than answers at first. Price profits did not match common catalysts such as numerous new Monero owners, social media meme coin pushes, or Monero analysis on traditional large media such as television channels and newspapers.
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The mystery ended when the famous crypto security account ZachxBT found some suspicious transactions on Bitcoin and Monero blockchain. One account has moved 3,520 Bitcoins to another, moving around about $330 million in cryptocurrency funds.
The move could have been a normal transfer between two very large Bitcoin holders and a single crypto whale simply relocating the Bitcoin balance into a new crypto wallet, but the next step undermined these theories of innocence. The funds were quickly transferred back to six different Monero accounts. Monero was designed to hide the identity of each account and transaction, so no one knows what happened afterwards.
In other words, it appears that someone steals 3,520 bitcoins and uses Monero to make it impossible to track the funds after that initial contact. This could be massive money laundering.
There are major drawbacks to focusing this big Bitcoin balance through the Monero channel. It is a cryptocurrency that is usually traded lightly. The 24-hour trading volume ceased at $67 million on Saturday, April 26th. Pushing up $300 million through this lightweight transfer system will almost certainly result in much higher modelo prices and more expensive transactions.
This cash-burning effect also supports the idea that someone is not here. Why do I accept a 15% extra charge for privacy boost transactions? The funds obviously had to move quickly.
I liked Monero’s top-notch privacy protection features. But things have changed. In addition to events like this, the widespread use of Monero in Crypto Mining computer virus attacks has changed my mind over time. What once looked like a user-friendly privacy tool actually seems more useful for bad actors who want to cover tracks suspected of stealing cryptography. It is not recommended to build an investment portfolio around that type of offensive value building paper.
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