Monero price has recorded an impressive 50% growth spurt out of the blue, but a scam is fuelling the rally. On-chain security expert ZachXBT says a Bitcoin heist and multiple XMR swaps to launder the stolen asset are responsible for the surge.
Monero Price Records 50% Rise In Valuation
While the rest of the cryptocurrency markets recorded modest gains, the Monero price has surged by a remarkable 50% in 24 hours. Data from CoinMarketCap confirmed the XMR rally as prices reached a daily high of $339 over the last day.
XMR’s trading volume mirrored the rise in Monero price to sit at an impressive $254 million within 24 hours. The spike in trading volumes translated to a staggering 380% increase, leaving investors puzzled over the numbers.
On-Chain Analyst Says Bitcoin Theft Triggered The Rally
According to on-chain security expert ZachXBT in an X post, the Monero price rally is not the product of usual market activity. ZachXBT says the rally is the result of a Bitcoin theft and subsequent attempt to launder the assets via the privacy coin.
Per ZachXBT, it all began with a suspicious transaction of 3,520 BTC worth $330.7 million from a potential victim. Minutes after the shady transfers, ZachXBT notes that bad actors began laundering the BTC on exchanges, swapping them for Monero to reduce traceability.
“Shortly after the funds began to be laundered via 6+ instant exchanges were swapped for XMR, causing the XMR price to spike 50%,” said ZachXBT.
ZachXBT noted that the theft address and other on-chain indicators provide further confirmation of a BTC heist. The on-chain security expert notes that the victim is a long-time BTC holder, using Gemini, Coinbase, or River.
Furthermore, the transfer of the funds in small batches to instant exchanges and creating hundreds of orders raises eyebrows. The movement of funds in this manner will trigger losses running into seven figures, pointing to increased scammer activity amid the Monero price spike.
However, ZachXBT clarifies that it is unlikely that North Korea had anything to do with the 3,520 Bitcoin heist. North Korean hackers have been fingered in a malware campaign against developers. He adds that the victim is potentially an OG Bitcoiner with BTC holdings older than 2015.
While Monero price spiked following the incident, Bitcoin price continues to trade sideways at $94,000. A Bitcoin price near $100K has stoked optimism for a bigger rally for the largest cryptocurrency, but macroeconomic uncertainties stand in the way.
The post Monero (XMR) Price Jumps 50% Amid $330M Suspicious Bitcoin Transfer appeared first on CoinGape.
]]>Shiba Inu News: $90K Ethereum Heist Uncovered – SHIB DAO Funds Stolen in Suspicious Transfers Crypto News Flash
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Justin Sun has maintained a reputation as one of the biggest whales in the broader Bitcoin (BTC) and altcoin world. While his strides remain documented, a series of fresh trades uncovered by CryptoQuant Founder Ki Young Ju might dent his reputation.
The Justin Sun Bitcoin Long Trades
Earlier media reports have it that HTX reserve displayed some suspicious trends. Following this revelation, Ki Young Ju made a move to dig into what is ongoing.
Coming back with his report on X, he alleges that the previously referenced whale linked to the HTX reserve is Justin Sun. He went further to state that Sun placed a long trade on Bitcoin when the price was $67,000. From his investigation, he projected that Sun’s total position comes in at $420 million.
This HTX whale was Justin Sun.
He opened a long #Bitcoin at $67K with at least $420M in positions. Their $USDT reserve is around $24M. Where did all the collateral come from?
He used $460M worth of $stUSDT. It’s his stablecoin project with 46% APY. 89% of the supply is in HTX. https://t.co/oSqGQbLw1q pic.twitter.com/icqaMsLHU1
— Ki Young Ju (@ki_young_ju) July 11, 2024
While similar trades linked to Sun are not uncommon, the challenge is that the HTX liquidity comes in at only $24 million. This suspicious trend does not end there, Sun allegedly propped the Bitcoin trade with $460 million worth of stUSDT.
Related risky bets based on borrowed collateral have posed questionable trends in the crypto ecosystem before now. Recall that Curve Finance co-founder Michael Egorov suffered sever CRV liquidations few weeks back. With the price of Bitcoin maintaining $57,864, the risk of unannounced liquidation is high.
However, the stUSDT is confirmed to be a stablecoin linked to Justin Sun. While Young Ju did not directly allege market manipulation practices, he did ask where the collateral backed the Bitcoin bets came from. This, he showcased might be hard to detect. This is because 89% of the stUSDT supply is locked on HTX.
Another FUD or Legit Concern?
Risky bets are not uncommon in the industry or with Justin Sun. As reported earlier, the Tron Founder recently bought $5 million worth of Ethereum ahead of ETF approvals.
As a prominent figure in the industry, his trades are often under heavy scrutiny. While Ki Young Ju has tagged on-chain Sleuth ZachXBT to join the investigation, Justin Sun has chosen to keep mute on the Bitcoin trades for now.
Until any damning claims are presented, what many remember might be the push to launch a gas-free stablecoin solution he announced barely a week ago.
Read More: Elon Musk Threatens Lawsuit On Masterminds of X Ad Boycott
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cardano (ADA) On-Chain Activity Extremely Suspicious U.Today
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SHIB Official Issues a Warning on Suspicious Partnerships Involving Shiba Inu CryptoPotato
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With the US Court judgment granting Grayscale a win against the US Securities and Exchange Commission (SEC), the Bitcoin BTC price and Grayscale Bitcoin Trust (GBTC) stock price grew significantly on Tuesday, August 29, 2023. The ruling is being touted as one of the most important developments that makes institutional adoption of the crypto market easier.
Also Read: US SEC Commissioners Not Happy Over Impact Theory NFT Charges
The lawsuit verdict effectively granted the approval of application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, it is not clear yet as to what would be a timeline for the spot Bitcoin ETF approval, considering that the US SEC may choose to appeal the judgment.
Bitcoin Exchange Supply Spike Before The Verdict
On-chain data showed that around 30,000 BTC was sent to crypto exchanges prior to the Grayscale lawsuit victory announcement earlier on Tuesday, August 29, 2023, taking the total available supply to 1.16 million $BTC. This raises the question of whether the big whales have placed the trades in anticipation of a positive ruling or they knew of the Grayscale win before the judgment.
According to market intelligence platform Santiment, the exchange supply of Bitcoin was boosted significantly prior to the judgment. Meanwhile, the Grayscale discount improved from -40% to -24% currently.
On the flip side, it is entirely possible that the supply of Bitcoin on exchanges spiked over the investor anticipation of the verdict. The crypto community has been awaiting the Court’s decision, considering that the developments around the lawsuit would have a bearing on the spot Bitcoin ETF filings.
Also Read: Binance Ushers in “Send Cash” Crypto Platform in Latin America
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin price stumbles 3% amid suspicious moves among DOGE whales FXStreet
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© Reuters Suspicious Whale Transactions Identified in Dogecoin Ecosystem- Whale Alert revealed three suspicious transactions on the dogechain.
- All the transactions identified had identical characteristics and followed a similar pattern.
- History suggests whale activity in preparation for a bull run.
Details shared by the Dogecoin Whale Alert show that large amounts of the flagship meme coin were transferred in a pattern that suggests prolonged storage. Multiple notifications from the Doge alert reflect that some users are unifying the storage location of DOGE tokens.
Notably, three significant transactions that followed the same pattern were shared by Dogecoin Whale Alert on Twitter.
6,583,553
The post Suspicious Whale Transactions Identified in Dogecoin Ecosystem appeared first on Coin Edition.
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