Monero prices rocket to $438 amid $120 million onchain laundering maze

Monero prices surged to $438 on March 20, 2024, following revelations of a complex cryptocurrency laundering operation involving approximately $120 million. Onchain investigator ZachXBT detailed how funds were moved across various exchanges, instant swap services, and multiple blockchains, making them difficult to trace. This investigation led to Tether freezing $72 million in USDT that was linked to the illicit activity. The price spike for Monero, a privacy-focused cryptocurrency, occurred as the market reacted to the scale of the laundering attempt and the subsequent efforts to recover the funds. ZachXBT's findings were published on X (formerly Twitter), providing a detailed breakdown of the transaction flows and the entities involved in the laundering scheme. The incident highlights the ongoing challenges in combating financial crime within the cryptocurrency space, particularly with privacy-enhancing technologies.