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Why the Monero Cryptocurrency Is Up 14% Today
What's behind Monero's big price jump today? Spoiler alert: It's not great news for its owners and investors.
The privacy-minded cryptocurrency Monero (CRYPTO: XMR) soared on Monday morning. As of 12:45 p.m. ET, it had gained 14.5% in 24 hours. Unfortunately, this sudden jump was the result of some unsavory financial moves apparently involving a large Bitcoin (CRYPTO: BTC) heist.
Monero started a rapid price gain on Sunday night, and market observers were left with more questions than answers at first. The price gain didn't match up with common catalysts such as a large number of new Monero holders, a meme coin push on social media, or Monero analysis in traditional large-scale media, such as TV channels and newspapers.
The mystery ended when the well-known crypto security account ZachXBT found some suspicious transactions on the Bitcoin and Monero blockchains. One account transferred 3,520 Bitcoins to another, moving about $330 million of crypto funds.
