WiretechnologyDextape brief
$106 Million Crypto Theft Hits EU Entity With Multiple Exchange Accounts
ZachXBT flags a suspected $106 million theft from an EU entity's exchange accounts as funds race into ETH and Monero.
Dextape brief
Blockchain investigator ZachXBT flagged on Monday that a still-unidentified group based in the EU appears to have lost over $106 million from several crypto exchange accounts on November 1. The suspected attacker reportedly withdrew USDC and USDT, then moved funds through wallets within minutes. BeInCrypto's review of Ethereum transactions found about $80 million in USDC reaching 11 separate wallets during an 11-hour period. The estimate includes USDT. ZachXBT says the suspect swapped USDC for ETH and used instant-exchange services, then converted some funds into Monero. Neither the victim nor any exchange has publicly acknowledged the theft, and the attack method remains unknown. The incident follows a $6.3 billion Binance theft that took place on October 29.
Why it matters: Large thefts moving stablecoins across exchanges and wallets show how quickly funds can be shifted and obscured, which matters to anyone holding assets on trading platforms.
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