- Blockchain investigator ZachXBT identified a potential Bitcoin theft of $330.7 million that was converted to privacy coin Monero.
- The large-scale conversion triggered a 50% spike in Monero’s price, which later stabilized at a 25% increase.
- Despite this incident, Chainalysis reports most criminal activity still uses mainstream cryptocurrencies rather than privacy coins like Monero.
Blockchain investigator ZachXBT has identified what appears to be a major cryptocurrency theft involving 3,520 Bitcoin (BTC) worth approximately $330.7 million. The suspicious transaction, detected on April 28, showed funds moving from what investigators believe was a victim’s wallet to an address beginning with bc1qcry and ending with vz55g.
Following the initial transfer, the funds were quickly processed through more than six instant exchange platforms and converted into Monero (XMR), a cryptocurrency known for its privacy features. This massive conversion operation had immediate market effects, causing Monero’s price to surge by 50% to an intraday high of $339, according to data from CoinMarketCap.
While the price has since pulled back, Monero remains up approximately 25% over the past 24 hours, trading at $289 at the time of reporting. When questioned about potential involvement of North Korea‘s Lazarus Group, a notorious state-sponsored Hacking organization, ZachXBT dismissed this theory, stating it was "highly probable it’s not" their work and suggesting independent Hackers were responsible instead.
Most criminals still prefer mainstream cryptocurrencies
In recent comments to Cointelegraph, blockchain analytics firm Chainalysis noted that despite incidents like this, the majority of illicit crypto transactions still involve mainstream cryptocurrencies. "While there are concerns of more criminals moving to privacy coins for Anonymity, the vast majority of criminal activity still uses mainstream cryptocurrencies, such as Bitcoin, Ethereum and stablecoins," the company stated.
The firm explained that mainstream cryptocurrencies remain attractive to bad actors for the same reasons legitimate users value them: cross-border functionality, immediate settlement, and high liquidity. Privacy coins like Monero face limitations for criminal use due to lower liquidity and reduced exchange support, as many major trading platforms have delisted these assets.
Monero gaining retail acceptance despite concerns
The suspected laundering operation comes as Monero sees increased adoption in retail settings. Two Spar supermarket locations in Switzerland have recently begun accepting XMR as payment, according to an announcement from Monero’s official X account, which credits partnerships with DFX Swiss and OpenCryptoPay for the integration.
A user shared their experience on April 25 of purchasing organic cacao with Monero at a Spar store in Kreuzlingen. This development follows Spar’s initial entry into cryptocurrency payments in April 2025, when the retailer first introduced Bitcoin payments through the Lightning Network at outlets in Zug, Switzerland.
In 2024, a leaked video suggested that Chainalysis might have capabilities to track Monero transactions despite the cryptocurrency’s privacy-protecting design, reportedly through the company’s own "malicious" Monero nodes tracking transactions back to 2021.
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