MLM: Suspected $23 Million Hacker Funds Used to Buy XMR Triggers Price Volatility

Odaily reported that according to MLM monitoring, three days ago, someone withdrew approximately $29.3 million in USDC from Coinbase and began converting it into DAI, suspected to be funds from a hack or phishing attack. Yesterday, the account started converting DAI back into USDC and then exchanged the USDC for Monero (XMR) through multiple wallets. Analysis shows that approximately 17 to 4 hours ago, the relevant addresses purchased about $23 million in XMR, pushing the XMR price up by nearly 15% during that period. Currently, these accounts still hold approximately $4 million in DAI on-chain, but have not continued buying XMR.