Monero Surges 5% Amid Bitget Hack and Growing Demand for Privacy Coins

Monero's price surged by over 5% in recent hours, largely driven by a confluence of factors. A major exchange hack on Bitget saw $351.6 million stolen, with hackers likely using Monero as an exit asset. This pattern is consistent with past large exploits.

The Bitget breach occurred on September 24 at 18:31 UTC, and the price jump in Monero coincided with this event. The sharp upward move in XMR was seen within a two-hour block where news of the hack and on-chain traces were being reported.

While it's unclear if hacked funds directly bought Monero during this period, the market reacted to the potential laundering flows through the asset. This is especially true given that traders and analysts explicitly trade against this pattern.