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Approximately $29.3 million in suspected hacker funds flow into XMR, driving the token price up nearly 15% at one point
Deep Tide TechFlow News, May 30th, according to MLM monitoring, three days ago, an address suspected to be related to a hacker organization withdrew approximately $29.3 million USDC from Coinbase and gradually exchanged the funds for DAI.
Analysis suggests that this batch of funds may be related to assets obtained from hacking or phishing activities. Yesterday, this address also exchanged some DAI back to USDC and further bought Monero (XMR) through multiple associated wallets.
Data shows that the related address has purchased approximately $23 million worth of XMR, which temporarily caused the XMR price to rise nearly 15%.
As of now, these addresses still hold about $4 million worth of DAI on the blockchain, but no further actions to increase XMR holdings have been observed. The market continues to monitor the flow of these funds and their subsequent impact on Monero's price.