Over $106M in Crypto Stolen From EU Entity? ZachXBT Tracks Attacker’s Laundering Trail

It seems like the crypto industry can’t catch a break, with one security incident after another. Interestingly, this time, the notorious Lazarus Group may not be behind it. Blockchain investigator ZachXBT has now flagged a suspected theft of more than $106 million involving multiple centralized exchange accounts linked to an unnamed EU entity on November 1. According to his findings, the stolen funds were withdrawn in USDC and USDT before the attacker began aggressively swapping USDC for ETH, moving funds through instant exchanges such as WellWallet and Kyrrex, and converting them into XMR through Wagyu.