Analyst: $23M in suspected stolen funds used to buy XMR

On-chain analyst MLM reported that approximately $23 million in funds suspected to be from hacking or phishing has been used to purchase Monero (XMR). According to MLM, an associated address withdrew $29.3 million in USDC from Coinbase three days ago, converted it to DAI, and then swapped it back to USDC before buying XMR through multiple wallets. The analysis indicates that related addresses bought around $23 million worth of XMR over the past four to 17 hours, a buying spree that coincided with a 15% rise in XMR's price. The addresses currently hold about $4 million in DAI on-chain and have reportedly halted further XMR purchases.