04:28:52 so why the price surge ? 04:38:04 Looks like Jump Crypto or Jane Street just picked up Monero. I've seen an employee asking questions in these channels before, so not surprised they'd make a move 04:38:38 They were trying to buy large amounts OTC - pretty obvious they were looking to corner the market 04:45:24 "My company does not engage in futures trading. We primarily focus on spot purchases, as we are a conservative hedge fund that exercises caution. We did attempt to buy XMR OTC by contacting Kucoin, Binance, and other centralized exchange providers (CEXes), when it was listed on Binance last year, none of them were able to meet our demands due to liquidity issues and the amount was 04:45:24 not even that high." 04:45:26 from #monero-markets:monero.social 04:48:09 I guess they got forced into buying spot, which is the most accurate info I've found so far after scouring through all the logs. To be honest, nothing else seems to make sense right now 05:07:39 did they ask for your seed phrase 🙂 05:40:43 Cake wallet sync forever.......... 05:40:44 Connection is good tried with different nodes. 06:49:49 No, it's not recent. I was just reading through logs from last year 06:53:36 These movements aren't being caused by leverage. It's all spot buys, so some company is buying up big time. Last year, I noticed that one of the employees at a hedge fund or trading firm was hanging around here, and they seemed to know a whole lot more than they should've. I'm convinced they're behind it 07:25:01 you mean this googlemozilla person? 07:27:09 Yes 07:45:22 So would Bisq Easy -> BTC/XMR swapper a more easy way to get the first Monero? Is it more developed and widely-used than Haveno's no-deposit option? 07:48:24 https://matrix.monero.social/_matrix/media/v1/download/nope.chat/EJUkCtGhGiFmoYWVodPfOKWT 07:48:46 What the fuck just happened over night 07:49:11 A literally woke up and my net worth is +20% 07:50:27 Can someone explain what happened 07:51:20 Maybe I’m still dreaming 07:52:45 The market value of the US dollar dropped against XMR 07:53:26 Some people believe that the current situation is due to a recent hack of over 300m BTC, where this individual swapped some of their funds into Monero. However, I think it's unlikely because the North Korea hack in the past, which involved over 1b in BTC, had no impact on the price despite emptying most instant exchange reserves. I think a hedge fund is buying up 07:53:26 https://x.com/zachxbt/status/1916756932763046273 07:53:31 x3cc (extremely autistic & delusional): your whole net worth is in monero ? 07:54:00 Yes man I bet for monero 07:55:19 Yes man I bet on monero 07:56:24 https://matrix.monero.social/_matrix/media/v1/download/nope.chat/APrQjAZrxYBubkQCYiysvkZG 07:58:45 I think it’s not the dollar issue, other currencies dropped against xmr too 07:59:37 So lazarus didn’t swap their stolen eth to xmr previously? Because price should be increased too 07:59:42 exch didn’t exist now and they were a huge price suppressor 08:03:07 Lazarus emptied all the reserves, which included exch, totaling thousands of XMR. This led me to question whether the hack was solely the cause. They also triggered multiple withdrawal restrictions from MEXC 08:03:58 Yes I remember, but price didn’t change in that time 08:04:11 Why do you think it changed now? 08:04:21 I don't think a $300m hack would be enough to trigger a price movement of this magnitude, considering you can't swap such a large amount without potentially triggering KYC checks. It just doesn't make sense 08:04:43 Yea something is really going on 08:05:10 Exch was a price suppressor. That doesn’t exist now 08:05:12 In hope now stable price of monero if 300+ 🙏😇 08:05:19 I don't think the hack was the cause. In my opinion, I believe it was due to a specific hedge fund, but I could be wrong. To be honest, no one really knows for sure 08:05:58 In hope now stable price of monero is 300+ 🙏😇 08:06:05 How? Exch accused Binance and other centralized exchanges of suppressing the price 08:06:38 Exch literally had locked prices 08:06:59 So you could buy millions on there and not move the market 08:13:17 they still have at least 100M 08:13:20 Okay, so let's consider how using any other instant exchange would move the market. If you trade large amounts on Changelly or another similar service, it will typically lock your Monero and request KYC information. In reality, no instant exchange can handle such high volumes without implementing KYC checks. If a hacker were to use an exchange to swap Bitcoin for Monero, they woul 08:13:22 d likely only be able to lock the Bitcoin side of the transaction, and nothing else would happen 08:15:08 I don't believe it's even possible to exchange $200M without KYC checks. Currently, there are no reputable Monero decentralized exchanges that allow for such large transactions. Using fake KYC information is not a viable option, as the process typically involves contacting support and undergoing a lengthy review process that can take weeks or months, not just hours. I don't think it's credible 08:16:23 id just wait for serai if i was them 08:19:21 /s 08:19:30 And when is that? 08:19:51 probably ready to take that amount of volume within a yaer 08:19:53 probably ready to take that amount of volume within a year 08:20:19 but if you sit on 300M in dirty bitcoin, i dont think waiting a bit is a bit deal 08:20:26 but if you sit on 300M in dirty bitcoin, i dont think waiting a bit is a big deal 08:20:46 2027 08:20:48 Who says it would all be 1 swap? Or even could tell it’s coming from the same entity? 08:21:17 they are talking about in general 08:21:25 i would have bought 300 million with of mullvad vpn with that money, just for fun. 08:21:36 the entire instant swapper world can probably not support that much xmr 08:21:37 the entire instant swapper world can probably not support selling that much xmr 08:23:10 Don’t they publish their volumes & capacities? No reason to guess 08:24:31 It doesn't matter how many swaps you split it into. No instant exchange can handle this much XMR, and they will not blindly buy XMR from exchanges without locking the BTC side of the trade. If you look at Reddit, there are numerous instances where people tried exchanging low 6 figures, and the trades got locked for months. It makes little sense, and Zachxbt is providing no useful 08:24:32 information. He's simply saying that the hacker might have used more than 6+ swappers. I call lies 08:26:41 It doesn’t get more legible than a btc address 08:27:57 I'm currently investigating the address 08:29:55 lmao 08:30:03 the hacker has a pending tx thats been stuck for an hour now 08:30:23 because no bitcoin blocks 08:31:48 how much bitcoin is in that transaction? 08:43:13 mempool strikes again 08:47:13 Correct bc1qkkwk4u78wk6y8eh4jtc52hl3zdvw242wj4xanc 08:47:39 1000 08:51:00 bc1qwgdu6shmrzla77pv6vtl4jdq7rjxr9d8l7nzrw unconfirmed 98m 08:52:20 Hacker purchased $21.29 million XMR from FixedFloat (bc1qkq6d7aa3y5ug8fsgppf70fcf3u29nlc9d3wtyf) and the BTC was subsequently deposited into KuCoin (36bPSAVRrt3ParsQePatqQaczsHSS3QLHt) 08:54:42 Tbh I thought that next price raise will be influenced by fcmp, just imagine how much more value monero will have with this tech 08:55:25 This current spike may not last long I guess, but we’ll see 08:55:47 thats quite delusional. fcmp is already priced in 08:56:01 The general public doesn’t care. Just be concerned with yourself 08:56:17 98m left 08:57:18 We're not sure if this is a hacker or someone who's just exchanging for Monero. It could be either case 08:58:24 The current movement involves shifting multiple addresses, with at least $98 million in BTC potentially being exchanged for XMR 08:58:26 https://matrix.monero.social/_matrix/media/v1/download/matrix.org/LdYiFbUhkzohEocKTbvRYPvd 09:00:24 Almost $1 million in BTC is being exchanged for XMR via an unknown instant exchange that relies on Binance as its supplier 09:00:26 https://matrix.monero.social/_matrix/media/v1/download/matrix.org/whlcchXPAvvAHBlKURpyGwfV 09:01:49 Multiple instances of these transactions exist. Unfortunately, I don't have the time to track every other transaction, but upon closer inspection of this particular address, I suspect it may have influenced price action 09:04:57 FCMP++ may or may not be priced, while Serai isn't 09:08:07 <3​21bob321:monero.social> People only want to use it, doubt they care 09:09:24 Dan (Is not the man & Braxman Tomsparks Qtip USAID Advocate) Backup: ppl don’t care what they use you say? I doubt that 09:11:34 I wasn’t expecting it to hit 350 overnight, my goodness 09:12:52 I can assure you that laymen do not care, and are largely not even aware of, features like FCMP. 09:13:00 But then, laymen are also not market movers, so 09:13:34 I thought monero is a stablecoin 😭 09:14:16 <3​21bob321:monero.social> As in they just want to use the service 09:14:30 <3​21bob321:monero.social> Don't care about price pump 09:16:00 Isn’t fcmp and serai is 2 separate projects? Even tho it’s Kayaba’s work 09:16:16 Isn’t fcmp and serai is 2 separate projects? Even tho it’s Kayaba’s work mostly 09:17:51 <3​21bob321:monero.social> Different things 09:18:15 <3​21bob321:monero.social> Did monero pump, when haveno went mainnet ? 09:18:39 Yes, but it's best if FCMP++ comes out before Serai. Without it, tracking Monero transactions will be really easy from Serai 09:25:10 Those price spikes are kinda stressful to be honest 09:25:15 Even tho it goes up 09:35:32 I must doubt your investigative skills, after your mentioning of Changelly as a possible exchange for anything. 09:37:52 I must inform you that i've started the preparation of a bag of popcorn. 09:44:24 "Almost $1 million in BTC is being exchanged for XMR via an unknown instant exchange that relies on Binance as its supplier" How does that work, with Binance not being present on Binance? 09:44:46 er, with XMR not being present on Binance of course 10:01:21 This BTC ended up on Binance, so you can take a look at it yourself 🤷‍♂️I'm just using the address zachxbt provided 10:03:13 "Hacker" managed to exchange over $20 million on FixedFloat somehow. I'm not sure how. I already had doubts about KYC 10:43:08 So assuming that zachxbt is correct (they probably are), then the price….normally wouldn’t stabilize at 270 from an earlier high of around 230 10:45:42 It could actually become a self-fulfilling prophecy, and Monero might go even higher. If people believe that the hacker will convert their remaining $97m into Monero, it will lead to a surge in demand and long leverage, which will push the price even higher 10:47:17 Oh there’s more remaining? 10:47:26 Nvm then, that’s what is being priced in 10:47:37 bc1qwzzx2r40twl4v5yqsaqlec9hg6f0ydxe7dlwy7 $97,251,445 10:48:43 I love transparent blockchains! 10:50:05 Are you still involved with the Buttcoin community preland? I was wondering what their thoughts are on this recent development 10:50:10 What’s actually rly funny is that the longer the hackers *dont* convert that amount, the longer that the price of XMR will remain sustained at a higher price, giving them the opportunity to sell out their xmr at a higher price 10:50:12 Maybe hackers are big brain? 10:50:15 They don’t know 10:50:46 I’m pretty sure I know what their thoughts will be (not good; which Tbf I’m kinda mixed on the whole thing too) 10:51:41 On one hand, this entire incident reflects kinda poorly on Monero currently being usable as a stable currency 10:51:42 On the other hand…..my paper wealth just increased by like 60$ or so 10:52:05 I'm frustrated with the security risks associated with cryptocurrency. A single mistake, such as downloading malware or inadvertently sharing your private phrase, can have devastating consequences 10:53:04 Ya like losing your home keys isn’t risky , you should start living in caves 10:53:39 I think that Monero needs to seriously address this tbh. 10:53:40 As opposed to other “crypto”, everything on Monero occurs at L1…..as it should. But this also means that safety features need to be put at the chain level…..as it should tbh 10:55:52 I wonder how this hacker plans to launder the money. Each time this happens, they're always caught, and since it's not North Korea, it's likely they'll be apprehended again 10:58:41 Tbh they might not plan on doing anything with it 10:58:51 They might just sit on it for a while 10:59:14 Very few people in the world have an urgent need to liquidate 200m 10:59:57 wen EP159 upgrade https://x.com/e_goldstein_84/status/1916704141113540890 11:00:02 whatever that means 11:00:24 that feeling when people use LLMs to write news articles as fast as possible 11:01:59 It seems like an amateur job, though. They're doing linear transfers. This doesn't work and Chainalysis can easily track this. They're wasting their time. Using centralized exchanges also means all their outputs are poisoned. They need to make sure their fingerprint is secured from swapper logs. They also need to ensure that timing attacks against Tor aren't viable because of the 11:02:00 threat model for this type of attack. No one wins 11:08:39 You can tell this isn't Lazarus, who was smart enough to do cross-bridge transfers to obfuscate the origin of their funds. This hacker is simply transferring funds from one address to another. If they try to swap using a centralized exchange, they'll likely get their funds locked 11:16:20 (Hint: the world is smaller than it seems; maybe it isn’t a good idea to discuss what the hacker is doing wrong when they could be listening) 11:17:40 They made too many mistakes. I'm an idiot who barely knows how to look at this stuff. Professionals will get this guy easily - doesn't matter what they do now 11:22:51 “Yeah, they are screwed; tbh if I was them (wink wink) I would just give up and turn myself into the authorities (wink wink)”