Monero adds $2 billion in market cap following hack
Summary ⚈ Monero’s market cap surged by $2 billion following a suspicious hack-related rally. ⚈ Crypto investigator ZachXBT flagged a $330 million Bitcoin transfer linked to the hack. ⚈ Monero prices are expected to quickly fall back to pre-hack levels. Monero (XMR) has seen a sharp, sudden, and suspicious increase in both trading volume and price over the past 24 hours. As of press time on April 28, XMR is changing hands at a price of $263.81, and is up 15.57% on the daily chart. However, the token reached an intraday high of $347.72, some 31.80% higher than current prices. XMR price 1-day chart. Source: Finbold The move to the upside was so significant that it even saw Monero reach a market capitalization of $6.23 billion, up from $4.21 billion before the sudden rally. Unfortunately for XMR bulls, the development seems to be the result of a hack, and likely won’t last. Crypto detective flags Monero hack ZachXBT, an on-chain investigat...