Social Lounge Started Aug 26, 2026 8:22 PM

Waygu posts alleged video of $23 million (likely illicit) swap

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Aug 26, 2026 8:22 PM Last edited Aug 26, 2026 8:28 PM
#1

https://goyimx.com/PerpetualCow/status/2092578168917921919

In one of the weirder cryptocurrency stories I've seen this year, controversial swap site Waygu posts an alleged $23 million dollar swap using their service. In their twitter posts, and based on the video, some French "entrepreneurs" are switching over BTC to XMR. It is unclear where they got the Bitcoin from, though it is implied that it was stolen in some sort of phishing scam.
My read on this is that this is a troll advertisement which recreates the legitimate $23 million dollar swap that occurred on their site, causing a temporary price surge in Monero. In the real life swap, it looks like stable coins were used to swap into XMR and not BTC: https://finance.yahoo.com/markets/crypto/articles/monero-jumps-23-million-mystery-124903517.html

Still, it is apparently working, as it is going viral. Leads me to believe the intention is to further the narrative that criminals should use XMR, and in this case, Waygu. It is also likely a way of "rehabilitating" their image after they shut down their services several months ago in light of regulations.

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Replies

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Aug 26, 2026 9:33 PM
#4

@xenu is it possible this is related to the ColdCard thefts?

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Aug 27, 2026 2:00 AM
#5

@Nebuchadnezzar_II I've never used their service because I don't trust it to be honest, but I can access the website, just checked.

@nemesis no chance.

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Aug 27, 2026 12:02 PM Edited Aug 27, 2026 2:14 PM
#7

@xenu I was able to access it too now. Why don't you trust it?

edit: I looked it up, yea I agree its dodgy af. It looks like the xmr1 peg relies on complete trust in the operator.

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Aug 27, 2026 7:37 PM
#9

@Nebuchadnezzar_II Yeah this has been an ongoing controversy this year. Basically Waygu started promoting their service earlier this year claiming it was fully decentralized. It was quickly realized they were full of shit, and they were promptly called out for being 100% centralized. The person running it also was accused of running various scams. Waygu aggressively denied and said they were decentralized, contrary to all the evidence. They also paid off members of the Monero community to shill for them on social media. This went back and forth until a few months ago when they shut down their service to prevent a massive hack from utilizing their service to swap into Monero, basically ruining their credibility. They also hired Fluffypony as a consultant at one point (who I think quietly deleted all mentions of them on social media...I honestly just noticed this...I might have to dig into this).

Anyways, they were offline for a while and eventually came back up. And now this is the first time I have heard about them in a while. Regardless of what you think about this video, they got 1.1 million views in 36 hours...which is pretty damn impressive so their marketing strategy worked.

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Aug 27, 2026 7:44 PM
#10

@xenu Thanks for the info. A Blatant scam. But it goes to show just how much of a gap in the market this really is. Xmr <-> Crypto needs a permissionless liquidity protocol.
In my opinion it will remain a gap until we have a private proof of stake consensus system to control the vaults. Thorchain won't cut it. Thats my 2c anyway

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