- Monero (XMR) jumped 52% to touch $347, its highest level since May 2021.
- 3,520 BTC worth $330.7 million was suspiciously moved, later funneled into Monero via exchanges.
- After hitting its peak, XMR declined by 20%, now trading between $265 and $275.
Monero (XMR) witnessed a dramatic price increase of 52% on Monday, marking a four-year peak. It surged sharply from the $220-$230 range, which it had recently reclaimed, and raced towards the $340 resistance, touching $347 early in the morning. This movement set off major discussions across the crypto world.
At the center of this sudden surge, blockchain investigator ZachXBT pointed to a “suspicious transfer” linked to a possible social engineering attack. He revealed that 3,520 BTC, valued at about $330.7 million, was moved on Sunday night under strange circumstances. This transfer, followed closely by the Monero rally, immediately caught the eye of the online crypto community.
Not long after the transfer, the stolen funds were funneled through more than six instant exchanges and converted into Monero. According to timing analysis, this conversion appeared almost directly tied to XMR’s massive price move. Speculation grew as some users suggested that the Bitcoins might be connected to the infamous Bitstamp hack of 2014.
Suspicious Transfer Patterns Signal Theft
ZachXBT, however, dismissed that theory and said that the funds likely belonged to an original Bitcoin adopter. He pointed out that the victim’s wallet had been dormant for years and showed signs of being linked to platforms like Gemini, River, and Coinbase. This long-standing history supported the idea that it was not an exchange wallet but a personal holding.
Additional doubts surfaced over whether the wallet owner made the transactions voluntarily. The investigator detailed several clues that pointed towards theft. Among them was the strange pattern of moving large sums in small batches to instant exchanges, creating hundreds of transactions. Such a move would cost millions in fees, something an ordinary user would not normally do.
Furthermore, ZachXBT ruled out a connection to the North Korean hacking collective Lazarus Group. This group had recently made headlines for stealing $1.5 billion worth of Ethereum from Bybit, but the details of this Bitcoin case pointed elsewhere.
Monero Retreats After Hitting $347 Peak
The Monero price rally, fueled by these events, was not sustainable at its highest point. After touching $347, XMR retraced nearly 20%, settling between $265 and $275. This correction followed a broader upward trend that began after Monero hit lows of $165 on April 7. Crossing above the 50-day and 200-day moving averages at $198 and $215, XMR broke free from a range it had been stuck in since December 2024.
Monero’s breakout also meant reaching price levels unseen since May 2021, showing that the recent surge was not a simple spike but a powerful reversal of a long-standing pattern. Following this rally, Monero became the 25th largest cryptocurrency by market cap, now valued at around $5.11 billion.
Technical signals suggest that although bullish sentiment is high, risks remain. The Relative Strength Index (RSI) climbed to 83.59, a reading that generally signals overbought conditions. This could suggest that a pullback is likely in the near term as investors look to lock in profits.
Meanwhile, the MACD indicator showed a bullish crossover and expanding histogram bars. If it can maintain support above $270, the next major resistance could appear around $300. However, if the price fails to hold, a correction toward the $240 support level could unfold.
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