A post by @WuBlockchain on X.
ZachXBT: EU-Based Entity Suspected of Losing Over $106M in Crypto Theft
@WuBlockchain on X
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An EU-based entity is suspected of losing over $106 million in a crypto theft from multiple centralized exchange accounts on November 1, according to on-chain investigator ZachXBT. The suspected attacker withdrew the funds in USDC and USDT and has been actively laundering the proceeds by swapping USDC for ETH, moving assets through instant exchange services WellWallet and Kyrrex, converting funds into privacy coin Monero (XMR) via Wagyu, and bridging assets across multiple blockchains. The identity of the affected entity and the method of the theft remain undisclosed, and the reported losses have not yet been independently confirmed. The use of instant exchangers and privacy coins suggests a sophisticated laundering operation, which may complicate recovery efforts and could prompt heightened scrutiny of exchange security and compliance practices. Market participants should watch for confirmation of the loss, disclosure of the affected entity, potential exchange statements, and further on-chain tracking of the stolen funds.
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Named in this story
EU-Based Entity, ZachXBT, USDT, USDC, XMR (XMR)
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