Crypto investigator ZachXBT has flagged a suspicious Bitcoin transaction involving 3,520 BTC, worth over $330 million.
On April 28, the funds were moved from a suspected victim’s wallet to a new address, bc1qcry…vz55g, raising immediate concerns about a major Bitcoin theft.
Bitcoin Laundered Through Monero, XMR Price Soars
After the transfer, the stolen Bitcoin was rapidly laundered through at least six instant crypto exchanges. The funds were swapped into Monero (XMR), a privacy coin known for its anonymous transactions.
The heavy buying pressure caused Monero’s price to surge by 50%, reaching a daily high of $339, according to CoinMarketCap.
At the time of writing, XMR trades at $289, still up 25% in the last 24 hours.
Independent Hackers Likely Behind Bitcoin Heist
Speculation quickly linked the attack to North Korea’s Lazarus Group, but ZachXBT disagreed, calling it “highly probable it’s not.”
Instead, he pointed to independent hackers operating outside of known state-backed cybercrime groups.
Bitcoin, Ethereum, and Stablecoins Still Dominate Crypto Crime
Despite concerns about rising use of privacy coins, experts say mainstream assets like Bitcoin, Ethereum, and stablecoins remain the top choice for criminals.
Speaking to Cointelegraph, blockchain analytics firm Chainalysis explained that while Monero offers greater privacy, it presents challenges for cashing out due to limited liquidity and widespread exchange delistings.
“Cryptocurrency is only useful if you can easily buy goods, services, or convert into fiat,” Chainalysis said.
“Privacy coins like Monero make that harder, especially as major platforms no longer support them.”
Blockchain Analysis Still Tracks Privacy Coins
Chainalysis also pointed out that the transparency of most blockchains makes it possible for law enforcement to trace and recover stolen crypto assets.
A leaked 2024 Chainalysis video even suggested that Monero transactions might be partially traceable using their proprietary “malicious node” techniques dating back to 2021.
Monero Sees Retail Growth Amidst Controversy
While hackers turn to Monero for privacy, the coin is also seeing legitimate adoption.
Two Spar supermarket locations in Switzerland recently began accepting XMR for everyday purchases.
Enabled by partnerships with DFX Swiss and OpenCryptoPay, customers can now pay with Monero at Spar stores, including one in Kreuzlingen, where a user reported buying organic cacao with XMR.
Back in April 2025, Spar had already entered the crypto space by accepting Bitcoin payments via the Lightning Network at their Zug outlets.
