On-chain analyst MLM reported that approximately $23 million, presumed to have been stolen through hacking or phishing, was used to purchase Monero (XMR).

According to MLM, the suspicious address withdrew $29.3 million worth of USDC from Coinbase three days ago and converted it to DAI. The funds were then converted back to USDC and used to purchase XMR after passing through multiple wallets.

A review of the on-chain analysis results confirmed that the related addresses purchased approximately $23 million worth of XMR over a recent 17-to-4 hour period. Following this large-scale money laundering (purchasing) process, the price of XMR was found to have increased by about 15%. It was identified that the addresses currently hold approximately $4 million worth of DAI on-chain.