- ZachXBT reveals $280M crypto theft, Monero price spikes.
- LTC and BTC converted to Monero, influencing price rise.
- ZeroShadow succeeded in freezing $1M of stolen funds.
On January 16, 2026, an anonymous individual lost over $282 million in cryptocurrencies due to a hardware wallet scam, leading to Monero’s price surge across multiple exchanges.
The event highlights vulnerabilities in hardware wallet security, triggering a substantial Monero price increase and emphasizing privacy coin demand amidst growing cryptocurrency theft incidents.
A $280 million Bitcoin heist resulted in a dramatic surge in Monero’s price. ZachXBT, an on-chain investigator, exposed the theft, highlighting the conversion of stolen funds to Monero, prompting increased market activity amid security concerns.
The attackers impersonated Trezor support, targeting a victim unaware of the scam. ZachXBT’s investigation traced the Bitcoin and Litecoin theft, revealing the swaps to Monero, resulting in illicit financial gains and significant market movements.
The heist’s impact on Monero was profound, with its price reaching an all-time high. Conversion activity through instant exchanges fueled the surge, exemplifying the vulnerability of cryptocurrencies to such fraudulent schemes and the need for enhanced security measures.
ZachXBT said, “The attacker began converting the stolen LTC & BTC to Monero via multiple instant exchanges causing the XMR price to sharply increase.”
Cryptocurrency exchange conversions drove Monero’s price from $621 to around $800, following the theft. ZeroShadow managed to block $1 million before conversion, yet the incident raised alarms over exchange and wallet service vulnerabilities.
Crypto markets were scrutinized following the theft, as the transition to Monero increased privacy coin interest. Blockchain technology’s vulnerability to social engineering was highlighted, emphasizing the need for improved user awareness and security enhancements.
Potential regulatory measures may emerge as authorities monitor cryptocurrency exchanges post-heist. Historically, such scams have led to increased regulatory scrutiny and technological improvements, focusing on safeguarding user assets and preventing future incidents.
