Mystery $106 Million Crypto Theft Hits EU Entity Days After Binance Hack

In brief

• An unnamed EU entity is suspected of losing more than $106 million from multiple centralized exchange accounts on Nov. 1, ZachXBT said, with the funds withdrawn as USDC and USDT.
• The thief has since swapped stablecoins for ETH, used instant exchanges, converted funds to Monero and bridged assets across chains.
• ZachXBT said with “a high degree of confidence” that the attacker isn’t North Korea’s Lazarus Group, setting the theft apart from the $6.4 billion Binance hack.

Another nine-figure theft has hit crypto, just days after the biggest heist in the industry’s history.

An unnamed entity in the European Union is suspected of losing more than $106 million from several of its accounts on centralized exchanges on Sunday, pseudonymous onchain investigator ZachXBT said Monday in a post to his Telegram channel.

The funds were withdrawn as USDC and USDT stablecoins by what he called an “illicit actor.”

In the 24 hours that followed, the actor moved aggressively to cover their tracks, ZachXBT said. The attacker swapped USDC for ETH, sent funds through instant exchange services such as WellWallet and Kyrrex, converted some to the privacy coin Monero via Wagyu and bridged assets across multiple blockchains.