Crypto Hack Sparks Concerns About Monero’s Privacy, Potential Market Manipulation

A significant cryptocurrency hack saw $330 million worth of Bitcoin (BTC) converted into the privacy-focused coin Monero (XMR), with a corresponding price surge. This raises concerns about how this specific crypto coin can be exploited for illicit activities such as market manipulation. 3,520 BTC, valued at over $330 million, were stolen and then converted to XMR through an elaborate strategy involving multiple exchanges. The resulting price jump of Monero by 50% sparked accusations of intentional market manipulation via derivatives.