Monero Hits Record High, Possibly Linked to Cryptocurrency Theft Incident, EU Regulatory Tightening May Boost Demand

On January 17, on-chain detective Zack XBT pointed out that the recent record high of Monero is linked to a major cryptocurrency theft incident. According to him, around 11 PM UTC on January 10, victims lost $280 million worth of Bitcoin (BTC) and Litecoin (LTC) due to a social engineering scam targeting hardware wallets.

Zack XBT stated, 'The attackers began converting the stolen BTC and LTC into Monero through various instant exchange services, causing a sharp rise in XMR prices.' Monero's native token XMR reached an all-time high of $797.7 on January 14...