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A suspected $330 million Bitcoin theft flagged by ZachXBT saw the funds laundered through Monero, triggering a XMR price surge.
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This incident highlights ongoing challenges in cryptocurrency security, sparking discussions about the effectiveness of privacy coins versus mainstream assets.
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According to ZachXBT, “It’s highly probable this theft isn’t linked to North Korea’s Lazarus Group,” suggesting independent hackers may be involved.
This article examines a significant Bitcoin theft and its implications on the cryptocurrency landscape, particularly regarding privacy coins like Monero.
Vast Majority of Hackers Use Mainstream Cryptocurrencies
In a recent discussion with Cointelegraph, Chainalysis revealed that most criminal activities still heavily rely on established cryptocurrencies like Bitcoin and Ethereum. This indicates that while privacy coins are gaining popularity, they have not yet replaced mainstream assets.
Chainalysis stated, “Although there are concerns about criminals moving to privacy coins for anonymity, the vast majority of criminal transactions still utilize mainstream cryptocurrencies.” These assets offer substantial advantages, including cross-border functionality, instant settlements, and high liquidity, which are appealing to illicit actors.
Furthermore, Chainalysis pointed out limitations faced by criminals in utilizing privacy coins due to reduced liquidity and the trend of major exchanges delisting assets like Monero.
They emphasized, “Cryptocurrency is only useful if you can buy and sell goods or cash out into fiat, which is significantly challenging with privacy coins.” Blockchain transparency plays a pivotal role in allowing law enforcement to trace and recover illicit funds effectively.
In an intriguing 2024 video leak, Chainalysis suggested that Monero transactions could be traceable, contradicting its privacy-preserving reputation. The footage apparently demonstrated how transactions could be tracked back to 2021 through the firm’s “malicious” Monero nodes.
Monero Accepted at Spar Stores in Switzerland
The recent laundering operations come amid Monero’s increasing acceptance in retail markets. Notably, two Spar supermarkets in Switzerland have started accepting XMR for payments.
This integration was made possible through partnerships with DFX Swiss and OpenCryptoPay, as announced on Monero’s official social media. A user reported their experience of purchasing organic cacao using XMR at a Spar location in Kreuzlingen.
Prior to this move, Spar made waves in April 2025 by introducing Bitcoin payments via the Lightning Network at its outlets in Zug, reflecting a broader trend of crypto adoption in retail spaces.
Implications for Cryptocurrency Security
This substantial theft and subsequent laundering incident are indicative of ongoing challenges in the cryptocurrency realm, raising critical questions about security protocols and the effectiveness of privacy coins. As the regulatory landscape evolves, increased scrutiny on both mainstream and privacy-focused cryptocurrencies is expected.
Experts advocate for improved security measures in wallets and exchanges to mitigate risks and protect users’ assets. The interchange between illicit activities and cryptocurrency adoption continues to draw attention, emphasizing the need for a balanced approach to regulation and innovation.
Conclusion
In summary, the recent events surrounding the Bitcoin theft and its impact on Monero underscore crucial themes in the cryptocurrency space, particularly concerning security and the adoption of privacy coins in retail. With increasing scrutiny and evolving technology, stakeholders must adapt to an ever-changing landscape while prioritizing both security and innovation.
