The news can be true and the reason why the hacker converted the bitcoin worth $330.7m to monero is to aviod the trace of the hacked funds, because if you read the article very well, you will see that the monero was transferred from one exchange to another using six exchanges. All that is to cover their track since monero is decentralized.

If this happens truly, definitely, it will make monero price to surge because pumping $330.7m to monero will increase the value of monero but that would be temporarily, because the hackers will convert their monero back to btc when it gets to the final destination before moving it to their private wallet.

XMR being used to hide the tracks - seems logical, imo.

And it probably is one of the reasons why its price rocketed for some time to come.

Especially knowing he went for XMR as an option

The best part of it all is that the history of this transaction ends right there thanks to how Monero works.

There are a few things I suspect.  It could even be a bold move of a government or agency to attempt to crack down on Monero again.  If there is one Cryptocurrency they absolutely hate, it is Monero.  As there is no real report of a hack but simply a suspicion, it further makes me believe they are going to try to shoot at Monero in another attempt to collapse it.

If it is what you are calling and investors are simply starting to move to Monero, they are going to be even more enraged.  Imagine most of the big investors moving to a Cryptocurrency they can not control or analyze at all.  They would be boiling mad.

Why is it that people will always suspect of a scam alert whenever there's a whale transaction taken place, we have to know that this does not means everyone seen is as a result of scam or any fraudulent related activities.

Also, the reason to why some are migrating their asset to Monero is only for privacy purpose, since mixing to an extent had been see, as an aboard for stolen coins, but the truth is that not all are stolen and we all need to have our privacy.

Probably they live in EU where the regulation is very strict on there, unlike US who're become more friendlier and no more think mixer is a threat them.

Since EU force people to submit identity when they make a big transfer and they hate mixer, Monero is the way even though it's fall to privacy coins, but at least they're private. Not all users who use Monero is mainly for illegal thing, it's the thing that they must know.

Who cares? Bitcoin will always be the main game. It is fine to own some monero. I like it too but the majority of my holdings are in bitcoin and lots of people think the same way.

The government will never let monero take off anyway. Many exchanges have already delisted it.

I wouldn’t hodl more than 10% xmr in my crypto portfolio but I also can’t ignore it completely as its privacy features are cool af.

We will see if it's a real investment or a swap for privacy reasons (be the originators criminal or not) in a few days.

Currently we can still not draw the conclusion if it was a "mixing action" or not:


Source: https://www.coingecko.com/en/coins/monero

The price went up a lot indeed, up to $325. But then gradually it lowered. It's now on ~$250 again, from a $220-30 starting level.

If the swap was done for privacy reasons, I would expect the originator to swap the money back to another cryptocurrency or to fiat. I would thus expect the XMR price to fall below the starting level, i.e. below $220.

The reasoning is the following: After such a big price move, profit taking is expected. So the move down to $250 can be probably fully explained by profit taking. If the person who has driven the price up to $325 wants to swap the whole sum to another (crypto)currency or sell it, this should add additional selling pressure to the profit taking.

I think we need 2-3 days at least, more likely a week or so, to know more.

In this situation, as far as I understand, Monero was used in a financial scheme (possibly illegal).

However, in my opinion, in the long term, the Monero cryptocurrency is good money. It is a great alternative to cash US dollars. Moreover, after the start of trade wars, the US dollar began to be perceived by many foreign investors as not quite a reliable currency. In particular, its price fell by 10% against the British pound. Investors do not like the uncertainty and lack of trust that are present in the modern world. Therefore, such an anonymous confidential currency as Monero will most likely gradually increase in price further.

The fact that Bitcoin is more and more a part of the modern financial system, the widespread use of KYC and AML procedures, the creation of CBDC, compliance in commercial banks - all this makes people look for alternative solutions.

Monero, in my opinion, can become such an alternative, especially since the coin is fundamentally very undervalued.

You ruined your attempt at trying to hype XMR bags you are holding here. Next time try to continue to stick to the privacy features of XMR which are better than bitcoin and try to avoid even mentioning scaling since Monero deals with a much more severe scaling problem compared to bitcoin

At the end of the day this is the XMR chart and it looks exactly like any other altcoin. They had their "pumping moment in the sun" back in 2017 and have been dumping consistently ever since.


And here is the bitcoin chart in the same time frame for comparison: