Kraken and Crypto.com Move to Block Funds Tied to Suspected $133M Theft

Kraken and Crypto.com have restricted accounts or funds tied to a suspected theft now estimated above $133 million, as investigators trace assets moving through exchanges, conversion services and cross-chain bridges.

ZachXBT said withdrawals from several centralized exchange accounts tied to an unidentified European entity exceeded $106 million on Nov. 1. He linked another $27 million in withdrawals to the case Tuesday, putting suspected losses above $133 million.

About $63 million in stablecoins was exchanged for 27,553 Ether (ETH) in roughly four hours. The funds moved through instant exchange services and cross-chain bridges, with some converted into Monero.

Kraken restricted accounts linked to the incident and denied that its infrastructure was breached or customer accounts compromised; it said customer funds were unaffected. Crypto.com took steps to prevent associated funds from moving through its platform.

Tether froze some related USDT, while Circle retained the ability to freeze a smaller portion of the remaining USDC. The victim and suspected attacker remain unidentified.