ZachXBT Identifies $330 Million Bitcoin Theft Linked to Monero Price Surge
ZachXBT reported a suspicious transaction involving 3,520 BTC valued at $330.7 million, believed to be stolen and transferred to a wallet ending in “vz55g.”
The stolen BTC was laundered through over six instant exchanges and converted into Monero (XMR). This action led to a 50% price increase of XMR, reaching $339, before settling at $270, which is still 25% higher than prior to the swap.
Key points include:
- Theft involved a large transfer from a victim's address.
- The funds were moved in small increments to avoid detection.
- ZachXBT indicated that protections may not be effective due to social engineering tactics used against victims.
- The incident does not appear linked to North Korea or its Lazarus Group.
- Recent scams, including a phishing incident affecting Coinbase, resulted in users losing over $46 million.