ZachXBT Flags Suspected $106 Million Theft From EU Entity

Blockchain investigator ZachXBT flagged a suspected theft of more than $106 million from an unnamed European Union entity, describing a route that moved funds across blockchains and into privacy coin Monero (XMR).

ZachXBT said the entity was attacked Nov. 1 and multiple accounts at centralized exchanges were compromised. He said the stolen assets were withdrawn as USD Coin (USDC) and Tether (USDT).

Over a 24-hour period, ZachXBT said, the suspected attacker repeatedly converted USDC into Ether (ETH) and sent the funds to instant-swap platforms WellWallet and Kyrrex. The funds then went through Wagyu for conversion into Monero. Bridges were also used to move assets among multiple blockchain networks.

His alert traced a multistep route linking exchange withdrawals, swaps, instant-swap services and bridges across multiple networks. ZachXBT published 11 addresses tied to the suspected theft and urged the community to monitor the associated flows. The alert did not identify the entity or name the exchanges involved.