On-Chain scientist Zachxbt may have decided why the Privacy Coin Monero (XMR) rose as much as 40% early Monday: Someone was probably hacked.

ZachxBT reported that 3,520 Bitcoin (BTC) ($ 330.7 million) was drained from an address and then swapped to XMR.

Market data shows an increase in volatility that comes from a profit in purchase orders to the XMR-BTC order book.

Initially, market observers had a hard time deciding what caused the greatest tip, as measurements such as active wallets and networking activity had not increased accordingly.

Liquidity for XMR has been limited over the past few months as the major exchanges delisted privacy in an attempt to fight dark Net markets. The lack of liquidity would have made any significant purchase of a catalyst for large price gains. CoingeCKO data shows that the ordering depth for XMR is significantly less than for symbols with similar market capital.

XMR is trading for over $ 300 according to Coindesk Markets data.