Monday saw many strange liquidations and price fluctuations. Perhaps the abrupt price pump of Monero is the most unexpected one. Within 24 hours, the coin jumped from $228 to $347. The unbelievable price surge marks a staggering 50% growth.
Initially, investors felt that the increase could be attributed to unique technology or the high adoption rate of the token. But as more facts rolled out, the syntax changed and so did people’s perceptions,
The common rumor is that the token’s growth is linked to a spontaneous money laundering operation.
#What’s The Scam Stamp?
The already-stamped infidelity is a vicious Bitcoin transaction. A secretly initiated transaction of 3,520 Bitcoins against $330 million was flagged by ZachXBT, a platform that goes by this pseudonym.
On Monday, ZachXBT revealed that multiple exchange authorities were involved in the trade. XMR is one of the leads to execute the transaction!
# How It Rolled in Favor of Monero?
Before the flashy price surge of the coin, the stolen BTC funds were laundered through six or even more crypto exchanges. Since XMR took the lead, their demand in the market also increased in a jiff!
XMR’s growth was, however, transient. However, the timing of the spike in Monero’s price is coincidentally analogous to the stealth exchange of bitcoin too. Experts are not ready to ignore the direct link between the two events!
# What Monero Claimed?
Monero tried to take the matter elsewhere. According to the overnight growth token’s spokesperson, Monero was planning an upgrade to make an upgrade. After the upgrade, trading on Monero was supposed to be more compliance friendly.
However, this notion lost popularity as the money laundering scandal started taking the air. More than a lucid distaste, people are concerned about the stability of the surge in Monroe’s value now. The investors feel that Monero could face a big slashing soon!
# What Does the Future Hold?
Still, the SEC has yet to expose the agency that operated the scam. ZachXBT meanwhile commented that the scam is not linked to any of the North Korean servers. Their spokesperson tweeted:
“The phishers probably plundered an OG Bitcoiner who went rekt!”
The SEC only has the theft address so far: bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
The @zachxbt posted that the XMR price started spiking without any notice. When traced back, investors saw BTC funds being laundered via 6+ exchanges and were swapped for Monero (XMR).
# Monero Still Staged High
Though predictions of an imminent fall are gaining traction, Monero is surviving dangerously at the top! The coin is still the top among privacy tokens. The net market cap of Monero is $5.3 billion. Simultaneously, it’s also the 27th largest cryptocurrency.
Sources say that flagging Monero and its transactions is not easy. The ring signatures and stealth addresses that Monero uses are hard to trace. Strangely, a tribe of investors trusts Monero due to this confidentiality feature. However, a greater lot is still questioning its association with illicit activities.
# The Lingering Threat
The threat that remains is quite apparent. If Monero can still leverage its hack, there’s no way to stop them from practicing more illicit operations. In the future, Monero will find more hacks to leverage illicit income and hide the same.
The debate between amorous and legit gains will trigger each time Monero’s claims spike.
