A major incident involving the alleged theft of 3,520 Bitcoin, valued at an estimated $330.7 million, has sparked a significant surge in the price of Monero (XMR). This spike occurred after the stolen funds were laundered through multiple instant exchanges before being converted into Monero.
This troubling situation was highlighted by blockchain analyst ZachXBT, who disclosed that the BTC was initially transferred from a potential victim’s wallet to a known suspicious address.
The laundering operation rapidly progressed as the perpetrators transferred the funds through more than six exchanges, notably converting substantial amounts of Bitcoin into Monero—a cryptocurrency valued for its privacy and untraceable transactions.
Monero Rises 50% to Reach Multi-Year High
The sudden influx of demand for Monero resulted in a dramatic 50% rise in its price, peaking at $329, a level not seen in years. Currently, the token is trading at $267.03, reflecting a 16.3% increase over the past 24 hours, according to figures from CoinGecko.
Nine hours ago, a suspicious transfer was made involving 3520 BTC ($330.7M)
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…
— ZachXBT (@zachxbt) April 28, 2025
According to Coinglass, the price surge led to the liquidation of nearly $1 million in short positions, amplifying the upward momentum. Moreover, Monero’s price rally coincides with increasing speculation regarding its forthcoming EP159 and EP160 upgrades.
These upgrades are designed to enhance Monero’s compliance capabilities, allowing users to validate transactions without disclosing private information—an initiative that analysts believe could lead to Monero’s relisting on major trading platforms like Binance and Coinbase under Europe’s new MiCA regulations.
Other privacy-centric cryptocurrencies, including Zcash (ZEC), Dash (DASH), and Decred (DCR), also experienced significant price increases during this time.
Finnish Authorities Track Monero in High-Profile Cybercrime Case
While Monero is often favored for its privacy features, recent investigations by the National Bureau of Investigation in Finland have showcased advances in tracing XMR transactions. This development is part of an ongoing criminal trial involving Julius Aleksanteri Kivimäki, who faces allegations of hacking a private mental health firm’s database and demanding ransom payments in cryptocurrencies.
Last year, prosecutors unveiled a crypto trail that led directly to Kivimäki’s bank account, where he allegedly requested 40 Bitcoin—around 450,000 euros at the time—as a ransom for preventing the release of sensitive records concerning over 33,000 patients of psychotherapy service provider Vastaamo.
When the ransom went unpaid, Kivimäki reportedly began targeting individual patients. According to Finnish police, the hacker received the ransom payments in Bitcoin, which were then transferred to a non-compliant Know Your Customer (KYC) exchange, converted to Monero, and subsequently moved to a dedicated Monero wallet.
Following this, the funds were said to have been sent to Binance, where they were exchanged back into Bitcoin before being distributed to various other wallets. Local authorities have remained tight-lipped regarding the specifics of their on-chain analysis.
The article titled “$330M in BTC Laundered Through Monero, XMR Jumps 50%” originally appeared on Finance Newso.
