Monero rockets to $438 as $120M laundered; Tether freezes $72M in USDT
Monero (XMR) price spiked to $438 after ZachXBT traced a $120 million laundering operation routing through XMR, exchanges, and swap services. The activity likely increased demand for privacy transactions, driving the price higher. However, the traceability raises questions about XMR's anonymity efficacy.
- ▲ $120 million laundering operation routed through Monero
- ▲ Onchain analysis by ZachXBT traced the funds
- ▼ Traceability of funds despite Monero use could undermine its privacy narrative
- ▼ Potential regulatory backlash against privacy coins after this incident
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Why did Monero price spike to $438?
The price spiked as a $120 million laundering operation moved through the Monero network, increasing demand for anonymous transactions. Onchain sleuth ZachXBT traced the funds, bringing attention to the coin.
Is Monero's privacy still intact after this tracing?
While ZachXBT traced the overall flow, Monero's privacy features may still obscure specific transaction details. The trace was possible by following funds across other blockchains and services, suggesting that cross-chain activity can expose patterns.
Could this event lead to a delisting of Monero from exchanges?
Exchanges may face increased pressure from regulators to delist privacy coins like Monero if they are used for large-scale laundering. However, no immediate actions have been reported.