$330M Bitcoin Heist Sparks 50% Surge in Monero - Lookonchain

$330M Bitcoin Heist Sparks 50% Surge in Monero

A hacker stole 3,520 BTC (~$330M) from an OG Bitcoin holder and rapidly swapped it for Monero (XMR), triggering a 50% price surge. The thief used KuCoin and MEXC to make hundreds of small, high-fee swaps. Experts believe the victim lacked proper security, highlighting risks for legacy crypto holders.

Someone just stole $330 million in Bitcoin.

They then exchanged it for Monero and skyrocketed XMR’s value by 50% overnight.

It’s an unbelievable story about one of the biggest heists in the crypto world.

Let’s dive into the Thread: 🧵

A huge Bitcoin hack just occurred, with $330 million stolen!

A total of 3,520 BTC (~$330.7 million) was taken from an original holder.

The thief used this address: bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g.

On April 28, 2025, stolen Bitcoin (BTC) was quickly converted into Monero ($XMR), a privacy-focused cryptocurrency.

The thief used exchanges like KuCoin and MEXC to make the swap.

As a result, the price of Monero jumped 50%, rising from $227 to $391.

However, withdrawing the XMR has been reported as difficult.

The thief didn't act smart—they made quick exchanges with 1–3% fees for each transaction.

After hundreds of small swaps, the demand for XMR increased, causing its price to rise from $227 to $391!

ZachXBT believes the victim was an OG Whale BTC holder using platforms like Gemini.

https://x.com/zachxbt/status/1916773121652318500?s=61

Those fees are outrageous!

Zachxbt explained it: a long-time Bitcoin holder moved $330 million in small amounts through many swaps, which cost them millions in fees.

No one serious moves money like that.

It seems like an experienced Bitcoin investor without security got destroyed. Ouch.

Why did they choose Monero?

It is very private, like a ninja in the world of cryptocurrency.

It uses features like stealth addresses and RingCT, making transactions untraceable.

In contrast, Bitcoin transactions are easy to track.

However, this privacy can create sudden drops in XMR's liquidity, causing wild price changes for smaller coins.

The victim is an “OG BTC holder with weak security.”

Bitcoin is priced at $94,736 (BanklessTimes), so 3,520 BTC is a huge amount of money!

Older wallets often do not use two-factor authentication or hardware wallets, making them easy targets for theft.

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