ethereum ·
ZachXBT Flags Suspected $106 Million-Plus Theft From EU Entity
The victim has not been named, and neither has the method of compromise.
2 outlets · thedefiant.io · cryptobriefing.com
What has surfaced is the path the money took afterward, and it was a busy itinerary. On-chain investigator ZachXBT brought the incident to public attention. His tracing shows funds leaving the exchange accounts, changing form several times, and ending up in some of the hardest places in crypto to follow.
The attacker mainly withdrew the funds as USDC and USDT. Both are stablecoins, tokens designed to hold a steady value pegged to the US dollar. The stablecoins did not stay stablecoins for long.
The attacker swapped them into Ethereum's native token, ETH, and did it quickly. From there, funds passed through instant exchange services, including Kyrrex and WellWallet. These are platforms built for fast swaps between assets, and here they served as waypoints on the trip.
The next stop was Monero, ticker XMR, with the research pointing to Wagyu as the venue for that conversion. Monero is a privacy-focused crypto that hides transaction details that most public blockchains leave on display. After the Monero conversion, the funds were sent through cross-chain bridges. Bridges are tools that move value from one blockchain to another.
