A suspected flight of 3,520 bitcoin worth around 330.7 million dollars sparked a net rally in Monero (XMR), after the stolen funds were bleached by several instant exchanges.
The incident, reported by the blockchain investigator, Zachxbt, started when the BTC was transferred from the portfolio of a potential victim to a known suspicious address.
The launders quickly moved funds to more than six exchanges, converting large amounts of Bitcoin into Monero, a cryptocurrency centered on confidentiality renowned for its transactions that are not found.
Monero goes up 50% at the multi -year summit
The sudden increase in demand caused an increase in the price of XMR by 50%, reaching summits of $ 329, an invisible level over the years.
Currently, the token is negotiated at $ 267.03, up 16.3% during the last day, according to Coingekco data.
Coinglass data has revealed that more than a million dollars in short positions were liquidated during the rally, feeding the upward pressure more.
The escape of Monero prices has also coincided with growing anticipation around its next EP159 and EP160 upgrades.
These proposals aim to make Monero more “friendly” by allowing users to prove the validity of transactions without revealing private details – a move, analysts could open the way to the re -reading of Monero on major exchanges such as Binance and Coinbase under the new regulations of European Mica.
In particular, other tokens focused on confidentiality, including ZCASH (ZEC), Dash (Dash) and Decred (DCR), have also displayed notable gains.
Despite the attraction of confidentiality tokens like Monero for having offered an improved anonymity, the National Bureau of Investigation in Finland would have made significant progress in the tracing of XMR transactions as part of an investigation into the criminal trial of Julius Aleksanteri Kivimäki.
Kivimäki is accused of having hacked the database of a private mental health company and requiring ransom payments in cryptocurrencies.
Last year, the prosecutors revealed a crypto path that led to Kivimäki’s bank account.
The alleged hacker had supposed to have asked for 40 bitcoin, equivalent to around 450,000 euros at the time, in exchange not to exhibit files belonging to more than 33,000 patients from the Vastaamo psychotherapy service provider.
When the ransom remained unpaid, Kivimäki allegedly targeted individual patients.
Finnish police say that the hacker has received payments in Bitcoin, sent the funds to an exchange not in accordance with your client (KYC), converted them to Monero, then transferred them to a dedicated monero portfolio.
Subsequently, the funds were sent to Binance, where they were exchanged for Bitcoin before being moved to various other wallets.
Local authorities have maintained confidentiality and did not reveal more details concerning their analysis on the chain.
The 330 million dollars position in BTC was bleached by Monero, XMR jumps at 50% appeared first on Cryptonews.
