Analysis: XMR's recent surge was driven by buying pressure from a $23 million hacker fund

BlockBeats News, May 30th - According to MLM Monitor, three days ago, an address suspected to be associated with a hacker group withdrew approximately $29.3 million USDC from an exchange and subsequently exchanged the funds for DAI. Yesterday, the same address swapped some DAI back to USDC and further purchased Monero XMR through multiple related wallets.

The related address accumulated around $23 million XMR, driving a nearly 15% price surge in XMR. Currently, these addresses still hold about $4 million DAI on-chain, but no further XMR accumulation actions have been observed.