The privacy-centric digital asset monero ( XMR) faced a sharp correction on Jan. 17, tumbling by over 5% in 24 hours and effectively stalling its bull rally. Just three days prior, XMR had notched an all-time high of $797, driving its market capitalization north of $14.7 billion.

The subsequent retracement has been aggressive; since hitting that peak, XMR has shed over 22% of its value, bottoming out at $617 by midday EST. Despite this cooling period, the asset remains one of the week’s standout performers, clinging to a 33% seven-day gain.

Read more: Monero Tops All-Time Price High as Privacy Coins Rip Higher, ZEC Stalls and ARRR Rockets

While initial market sentiment linked Monero’s surge to the broader “privacy narrative”—the same trend that saw zcash (ZEC) dominate the charts at the end of 2025—new data suggests a more cynical catalyst. Renowned onchain investigator ZachXBT has linked the rally to a massive security breach where cybercriminals siphoned over $282 million in bitcoin ( BTC) and litecoin ( LTC) from a single victim through a sophisticated hardware wallet social engineering scam.

Following the attack on Jan. 10, the perpetrators utilized multiple “instant exchanges” to swap the stolen BTC and LTC for XMR. ZachXBT posits that these conversions created an artificial supply shock, propelling XMR toward its record highs. In a post on X, the sleuth noted that the attacker’s conversion process caused the price spike.

“The attacker began converting the stolen LTC & BTC to Monero via multiple instant exchanges, causing the XMR price to sharply increase,” ZachXBT wrote.

Notably, the onchain investigator downplayed theories that the exploit was the work of North Korean state-sponsored actors, suggesting a different origin for the heist.

Meanwhile, the privacy coin’s downtrend wreaked havoc on XMR’s leaderboard standings. During the Jan. 14 peak, XMR was within a whisker of breaking into Coingecko’s Top 10 digital assets by market cap. However, the subsequent sell-off has been punishing; Monero’s valuation has evaporated by over $3 billion in 72 hours, currently resting at a market capitalization of $11.5 billion.

• What happened to Monero’s price in January 2026? XMR hit $797 before tumbling 22% to $617 after a sharp correction.
• Why did Monero surge to an all-time high? Onchain sleuths claim the rally to stolen BTC and LTC converted into XMR.
• Was North Korea behind the crypto hack? Investigator ZachXBT dismissed claims of state-sponsored involvement, pointing to other actors.
• How did the sell-off impact Monero’s market cap? XMR lost over $3 billion in 72 hours, dropping to $11.5 billion.

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