Monero Price Explodes 50% Following $330 Million Bitcoin Theft

Monero experienced a dramatic price surge of 50% following a major $330 million Bitcoin theft. Investigators linked the illicit activity to the rapid conversion and laundering of funds through Monero’s anonymous platform, sparking heightened market activity and raising concerns about cryptocurrency security. 3,520 Bitcoins were stolen from a compromised wallet before being swiftly laundered through multiple exchanges, highlighting the challenges posed by privacy-focused platforms like Monero. This incident has significantly impacted trading volumes on platforms such as Binance and Kraken, which witnessed notable spikes in activity following the price rally.