Blockchain investigator ZachXBT says an unidentified European Union entity may have lost more than $106 million from accounts at multiple centralized crypto exchanges. The suspected theft was reported on November 1, but neither the victim nor the exchanges have been named, and the loss has not been independently confirmed.
The trail he has described begins with withdrawals in USD Coin and Tether, then swaps into ether. From there, the suspected attacker allegedly routed funds through instant exchange services WellWallet and Kyrrez. Part of the funds was then converted into Monero through Wagyu, though it remains unclear how the exchange accounts were accessed.
That sequence matters to tracing. USD Coin and Tether issuers can freeze tokens in some circumstances; ether has no central issuer with that same control. Monero is designed to conceal transaction details, so tracing becomes more limited once funds reach that network. That narrows the window for any interception, but it does not establish that recovery is impossible.
The attribution is still unresolved, with major unknowns around the victim, the exchanges involved, and who carried out the theft. Monero was reported up 3.22% amid attention to the alleged conversion, but the price move does not verify the theft.