Monero surged toward $650 on October 29 as reports of a possible Binance security incident spread. The privacy-focused cryptocurrency gained roughly 8.5% from a pre-alert price reference to its subsequent peak on Kraken, before giving back part of the move.
Kraken’s one-minute price data show XMR closing the 20:30 UTC interval at $598.34 and reaching $649.40 during the 20:51 interval. It closed the 21:15 minute at $635.01. These are observations from one exchange, rather than a consolidated market price or a 24-hour percentage gain.
The rally coincided with the Binance wallet alert and broader market selling. Tree News subsequently reported a USDT freeze of approximately $971 million linked to the suspected incident. Binance had not confirmed a breach in the latest main-account posts reviewed.
Monero is designed to conceal transaction details. Its documentation describes technologies that hide sending and receiving addresses and transferred amounts by default, unlike the publicly visible transaction records typical of Bitcoin and Ethereum.
Europol has documented criminals converting funds into Monero to hinder tracing. That history does not establish a connection to this rally. CoinScreamer has not independently linked the XMR purchases to the wallets under scrutiny or established that laundering caused the price increase.
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