Monero (XMR) surged by 45% following the transfer of over 3,520 BTC ($330 million) in an apparent laundering attempt by a hacker. The open interest in Monero derivatives increased by 107%, suggesting coordinated activity that goes beyond simple fund laundering. This transfer to Monero, a privacy-focused cryptocurrency with limited liquidity, is unusual. More liquid alternatives like Tether (USDT) or Ethereum (ETH) could have minimized slippage, yet trading data indicates large long positions were already in place before the price spike. The rise in open interest suggests early traders profited despite the slippage. This pattern mirrors previous cases where bad actors influenced prices through large spot purchases, as seen with the JELLY token and the $114 million exploit on Mango Markets in 2022. The current situation implies a strategic maneuver to stabilize losses while liquidating stolen assets.

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