ZachXBT, an onchain sleuth, has raised concerns about a suspicious transfer of 3,520 Bitcoin (BTC) worth $330.7 million, hinting at a potential theft. The transfer occurred on April 28, moving funds from a victim’s wallet to the address bc1qcry…vz55g. Subsequently, the stolen Bitcoin was laundered through six instant exchanges into Monero (XMR), leading to a 50% surge in XMR’s price, peaking at $339. Currently, XMR is trading at $289, up by 25% in the past 24 hours. Despite speculation linking North Korea’s Lazarus Group to the attack, ZachXBT believes it was likely carried out by independent hackers. Chainalysis reports that most criminal transactions still use mainstream cryptocurrencies like Bitcoin, Ethereum, and stablecoins. Although privacy coins like Monero offer anonymity, they pose challenges due to reduced liquidity and delisting by major exchanges. Chainalysis suggests that blockchain transparency enables law enforcement to trace and recover illicit funds, even in cryptocurrencies like Monero. Monero is gaining acceptance at retail stores, with Spar supermarkets in Switzerland now accepting XMR payments, following the integration with DFX Swiss and OpenCryptoPay. In April 2025, Spar initially introduced Bitcoin payments through the Lightning Network in Zug, Switzerland. The suspected laundering incident highlights the ongoing debate around cryptocurrency security and the role of privacy coins in criminal activities.