EU Entity Reports Over $106 Million Theft from Centralized Exchange Accounts

An unidentified organization based in the European Union may have suffered a significant loss exceeding $106 million from multiple accounts held on centralized exchanges. This incident, which occurred on November 1, has raised concerns regarding the security of crypto assets in the region.

Blockchain investigator ZachXBT brought the theft to light, detailing how the attacker withdrew the funds primarily in USDC and USDT, two stablecoins pegged to the US dollar. Following the initial withdrawal, the funds were quickly converted into Ethereum’s native token, ETH, and subsequently moved through various instant exchange services, including Kyrrex and WellWallet.

The investigation revealed that the funds eventually made their way to Monero (XMR), a privacy-focused cryptocurrency that obscures transaction details, making tracking significantly more challenging. Eleven addresses associated with the incident have been identified, providing a basis for monitoring by investigators and exchanges.

Despite the significant amount involved, the identity of the victim and the method of compromise remain undisclosed. The rapid movement of funds has raised questions about the security measures in place at the affected exchanges and the potential for recovery. The incident follows a recent $6.3 billion hack of Binance, highlighting ongoing vulnerabilities within the crypto sector.

As the situation develops, users of centralized exchanges are advised to review their account activities, enable two-factor authentication, and remain vigilant against suspicious activities.