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

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