ZachXBT Flags Suspected $106M Crypto Theft From EU Entity
ZachXBT says an unidentified EU entity may have lost more than $106 million from exchange accounts, with funds moving through swaps and multiple chains.
Key Notes
- ZachXBT reports a suspected loss exceeding $106 million from an unidentified EU entity.
- The alert describes USDC and USDT withdrawals followed by swaps and cross-chain transfers.
- The victim, affected exchanges and method of account access remain undisclosed.
Blockchain investigator ZachXBT says an unidentified EU entity may have lost more than $106 million after an unauthorized actor withdrew USDC and USDT from its accounts at several centralized cryptocurrency exchanges on November 1.
His November 2 community alert describes a suspected theft. It does not identify the victim, name the affected exchanges or explain how access to the accounts was obtained.
Funds Move Through Swaps and Multiple Chains
According to ZachXBT, the actor spent the following 24 hours swapping USDC for ETH, sending funds to instant-exchange services including WellWallet and Kyrrex, converting assets into Monero (XMR) through Wagyu, and bridging between blockchains.
The alert lists 11 addresses associated with the suspected stolen funds. The complete address list is available in the original Telegram post. CoinScreamer has not independently reconciled those addresses and their transactions to the reported total.
The Victim and Entry Point Remain Unknown
The description of withdrawals from customer accounts does not establish that any exchange’s own wallet infrastructure was breached. The alert also does not identify an attacker or announce frozen assets, recovered funds or compensation.
Naming services through which funds reportedly moved does not establish that their operators knew about, or participated in, the suspected theft.
Tracing Assets Is Only Part of Recovery
The report comes amid wider scrutiny of crypto custody following the Binance hack. CoinScreamer’s recovery explainer examines why asset swaps, cross-chain transfers and cash-out services complicate efforts to retrieve stolen funds.
Our federal investigation report separately covers the U.S. response to that incident. ZachXBT’s EU alert provides no link to Binance or to the attackers identified in that case.
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