Hacker Steals $282M in Bitcoin and Litecoin And Swaps For Monero

TLDR

• $282M in Bitcoin and Litecoin was stolen using a hardware-wallet scam.
• The stolen funds were converted to Monero, a privacy-focused cryptocurrency.
• Monero’s price rose to $717.69 before dropping to $623.05 post-swap.
• THORChain was used for cross-chain swaps without centralized exchanges.

A major crypto theft involving Bitcoin (BTC) and Litecoin (LTC) has been reported. The stolen amount totals $282 million, making it one of the biggest crypto scams in recent times. Blockchain tracking service Lookonchain reported the incident via a post on social media platform X.

The attacker used a hardware-wallet social engineering scam to gain access to the assets. Once obtained, the funds were quickly moved and swapped through privacy tools and decentralized exchanges.

Monero Price Surges After Attacker Converts Funds

After acquiring the stolen Bitcoin and Litecoin, the hacker converted the assets into Monero (XMR), a cryptocurrency known for its privacy features. Monero transactions are designed to be untraceable, making it difficult for investigators to track stolen assets.

The massive volume of the swap led to a sharp price movement in the Monero market. According to available data, Monero surged from $612.02 to $717.69 shortly after the conversions. However, panic among traders later caused the price to fall back to $623.05, reflecting an 11.41% decline over 24 hours.

Monero’s trading volume also dropped by nearly 30%, falling to $255.75 million. The sudden dip came as concerns grew that the attacker could be preparing to offload Monero for other digital assets, sparking fear and sell pressure within the community.

THORChain Used to Move Funds Across Chains

In addition to Monero, the attacker used THORChain, a decentralized cross-chain liquidity protocol. THORChain enables users to swap cryptocurrencies across different blockchains without relying on centralized exchanges.

This made it easier for the hacker to move funds across networks while avoiding detection. Cross-chain protocols like THORChain are becoming common tools for laundering stolen digital assets due to their decentralized nature.

The hacker’s use of THORChain highlights the technical skill involved in the operation. It also adds to growing concerns about the difficulty of recovering stolen assets once they are moved across chains using privacy tools and decentralized services.

Monero Climbs Market Ranks Despite Concerns

Despite the controversy, Monero has moved into the top 15 cryptocurrencies by market capitalization. It now holds the 12th position, with a market cap of $11.54 billion.

Renowned crypto trader Peter Brandt reportedly bought Monero recently, stating he earned a large profit from trading the coin. According to a previous report from U.Today, Monero’s privacy appeal and rising market performance continue to draw investor attention, even amid its association with illicit use.

While privacy coins like Monero, Zcash, and Dash are frequently used in scams, they also attract users focused on financial privacy. Their use in high-profile thefts raises ongoing discussions about regulation and traceability in the crypto space.

The post Hacker Steals $282M in Bitcoin and Litecoin And Swaps For Monero appeared first on CoinCentral.