EU entity loses $106M in crypto theft, funds laundered
6.6 Security An EU entity lost over $106M from crypto exchange accounts. The funds were laundered via swaps, instant exchanges, and Monero. The culprit and method remain unknown.
On November 1, an EU-based entity reportedly suffered a loss exceeding $106 million from several centralized cryptocurrency exchange accounts, according to blockchain investigator ZachXBT. The stolen assets were initially withdrawn as USDC and USDT stablecoins, quickly converted to Ethereum, and moved through instant exchange platforms like WellWallet and Kyrrex. A portion of the funds was further swapped into Monero, a privacy-focused cryptocurrency, via the Wagyu service and bridged across multiple blockchains, making tracking more difficult. ZachXBT identified 11 addresses linked to the theft but did not reveal the victim, the affected exchanges, or the method of compromise. He also stated with high confidence that North Korea’s Lazarus Group was not involved, based on observed laundering patterns. As of publication, neither the exchanges nor the victim had confirmed the incident. The case underscores the advanced laundering tactics and persistent security threats facing centralized exchanges.
