There’s Hacker Buying Behind Today’s Big Altcoin Surge – They Bought It to Escape

The recent surge in Monero ($XMR) cryptocurrency prices, which has attracted significant attention in the market, is believed to be due to large purchases from wallets thought to be linked to hackers.

According to data from the on-chain analytics platform MLM, an address believed to be linked to a suspected hacker group withdrew $29.3 million worth of $USDC from Coinbase approximately three days ago and converted these assets into $DAI.

According to the analysis, the address in question later converted some of its $DAI back to $USDC and began purchasing Monero through multiple connected wallets. It was noted that the addresses in question purchased approximately $23 million worth of $XMR in total, and these purchases briefly boosted the Monero price by nearly 15%.

The data shows that these wallets still hold approximately $4 million worth of $DAI on-chain, while no new $XMR purchases have been detected so far.

On the other hand, the on-chain analytics platform Lookonchain reported that an early-stage Ethereum investor recently sold a significant amount of $ETH.

According to the data, the whale sold a total of 55,000 $ETH in the last week for approximately $112.25 million. Additionally, 9,442 wstETH were sold for approximately $24 million. The average price of the sales was reported to be approximately $2,041 per $ETH.

*This is not investment advice.