ZachXBT Reports $106 Million Crypto Theft From EU Entity Across Multiple Exchanges
More than $106 million has reportedly been drained from accounts belonging to a European Union-based entity across multiple cryptocurrency exchanges, according to blockchain investigator ZachXBT. The suspected attacker allegedly moved the stolen funds through several cryptocurrency assets and cross-chain transactions in an apparent effort to obscure their origin.
The incident was reported by Coin Bureau, which cited information from ZachXBT. According to the available details, the suspected attacker initially withdrew funds denominated in USD Coin (USDC) and Tether (USDT) before converting the assets into Ethereum (ETH).
Suspected Attacker Used Multiple Crypto Conversion Routes
After converting the stablecoins into ETH, the suspected attacker reportedly routed the funds through instant cryptocurrency exchanges. The transactions then involved converting the assets into Monero (XMR), a privacy-focused cryptocurrency, before moving funds across different blockchain networks through cross-chain bridges.
The reported sequence involved several distinct stages: withdrawing USDC and USDT, swapping the assets into ETH, routing the funds through instant exchanges, converting them into Monero and subsequently bridging assets across chains.
These movements indicate that the suspected attacker used multiple cryptocurrency services and asset conversions rather than keeping the funds in their original form. The use of instant exchanges, privacy-focused assets and cross-chain transfers adds complexity to tracing the movement of the reported funds.
EU Entity Has Not Publicly Confirmed the Incident
Despite the reported scale of the incident, the affected entity has not publicly confirmed that its accounts were compromised or that a theft occurred. Consequently, the reported loss of more than $106 million remains an allegation attributed to the investigation rather than a publicly confirmed financial loss by the organization.
The identity of the EU-based entity, the specific exchanges involved and the precise timing of the suspected transactions were not provided in the available report. No additional details about the suspected attacker or the circumstances surrounding the initial account withdrawals were disclosed.
The report underscores the complexity of investigating cryptocurrency transactions when funds move across multiple exchanges, blockchain networks and asset types. In this case, the reported trail extends from USDC and USDT withdrawals to ETH conversions, instant exchange routing, Monero transactions and cross-chain transfers.
For now, the central figure reported by ZachXBT remains more than $106 million, while the affected EU entity has yet to publicly confirm the suspected theft.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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