EU Entity May Have Lost Over $106 Million in Crypto Heist, Investigator Says
A blockchain analyst says an unidentified EU organization could have had more than $106 million stolen from multiple exchanges.
Potential $106 Million Crypto Theft Linked to Unidentified EU Entity
An unnamed entity in the European Union may have suffered a loss exceeding $106 million in cryptocurrency, according to blockchain researcher ZachXBT.
The analyst posted a Telegram alert on Monday stating that the suspected attacker first withdrew funds in the stablecoins USDC and USDT from accounts held at several exchanges on Sunday.
Within the next 24 hours, the attacker:
Exchanged USDC for ether (approximately $2,296.97 worth).
Moved the assets through instant‑exchange platforms including WellWallet and Kyrrez.
Converted a portion of the proceeds into the privacy‑focused cryptocurrency Monero using the service Wagyu.
Monero’s design obscures transaction details, making it harder to trace the stolen funds. Unlike USDC and USDT, which can be frozen by their issuers, ether and Monero cannot be centrally frozen.
ZachXBT published 11 wallet addresses tied to the suspected theft but did not disclose the identity of the victim or the specific exchanges involved, nor did he explain how the attacker accessed the accounts. The reported losses have not been independently verified.
The investigator also addressed speculation about a well‑known hacking group, stating: “While the illicit actor remains unidentified, I can say with a high degree of confidence it is NOT Lazarus Group based on multiple laundering indicators.”
This alleged theft follows recent high‑profile attacks, including a $6.4 billion breach of Binance attributed by the FBI to North Korea’s TraderTraitor group, which is linked to Lazarus, as well as attacks on BTCPay and Mercado Bitcoin.
Neither the EU entity nor any of the exchanges mentioned have publicly confirmed the incident, and the full extent of the loss remains unverified.
