In a recent tweet, crypto sleuth ZachXBT uncovered a massive Bitcoin theft and laundering scheme involving 3520 BTC, currently worth approximately $330.7 million. According to the crypto detective’s investigations, someone made a suspicious transfer from a potential victim’s address to a theft address earlier today.
Shortly after the transfer, the suspected hacker laundered the stolen funds through six or more instant exchanges, swapping them for Monero (XMR). The sudden movement of funds into Monero triggered a significant price surge, with XMR rising by 50% within a short period.
According to the latest data on CoinMarketCap, Monero (XMR) began the trading day at a price point of $229. However, in a remarkable display of volatility, the cryptocurrency’s value surged to $338 within a few hours. Although the price has since retreated slightly from its peak, Monero was trading at about $268 at the time of writing.
The investigation is likely ongoing, as Monero has not made any official statement. However, further updates may emerge as more information becomes available.
Crypto Hackers Continue to Launder Stolen Funds
The recent laundering scheme, like other similar cases, is a common attempt by hackers to cover up the origin of the stolen funds, making it difficult for authorities to track and recover the assets.
For instance, CEO Ben Zhou of Bybit crypto exchange recently disclosed that about $386 million of the staggering $1.4 billion worth of Ethereum stolen in one of the largest crypto hacks on record remains unaccounted for.
The hackers seem to have successfully laundered the stolen funds through sophisticated mixers like Tornado Cash, CryptoMixer, Wasabi, Railgun, and then moved them through cross-chain platforms like Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap.
Afterwards, the funds were moved to peer-to-peer platforms and OTC fiat exchange services. This has made the funds untraceable, causing the investigators to intensify their efforts as they scramble to recover the assets.
ZachXBT Shares Tips for Recognizing Crypto Theft
ZachXBT has uncovered a lot of crypto theft cases. One of his recent cases was about a Coinbase user who lost about 400.099 BTC worth $34.9 million.
Curious about how he could unravel different crypto hacks, one of the commenters under his recent Bitcoin theft and laundering tweet inquired how one might recognize suspicious transfers. In reply, ZachXBT listed some indicators.
that’s how you know it’s likely a theft
>longtime Bitcoin holder
>is a Gemini, River, Coinbase, etc user
>$330M suddenly moved today and transferred in small increments to instant exchanges, creating hundreds of orders
>gonna lose multiple 7 figs to fees / inefficient for…— ZachXBT (@zachxbt) April 28, 2025
