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A suspicious transaction involving approximately 3,520 BTC ($330.7 million) took place on Sunday, in what on-chain investigator ZachXBT believes may be a theft.

A "suspicious" transfer worth around 3,520
BTC +1.68%
($330.7 million) occurred on Sunday, which appears to be a theft event, according to on-chain investigator ZachXBT.

ZachXBT reported on X that the transfer was made from a potential victim's wallet to the address "bc1qcry...vz55g." Shortly after the transfer, the stolen funds were laundered through more than six exchanges and converted to Monero (
XMR +19.24%
) to obfuscate the activity. This triggered an immediate 50% spike in XMR's price due to the size of swaps and thin liquidity on the platforms.

XMR jumped 35% in the past 24 hours to trade at $308.5 at the time of writing, according to The Block's price page.