Over $106 Million Lost in EU Crypto Accounts Amid Complex Transfers
An unknown individual or group within the European Union may have lost in excess of $106 million from accounts spread across multiple cryptocurrency exchanges, according to blockchain activity researcher ZachXBT.
Suspicions Arise Over Large-Scale Crypto Thefts
On Monday, ZachXBT shared that the funds suspected to be stolen were initially withdrawn as USDC and USDT stablecoins, then moved through a variety of cryptocurrencies and blockchain networks.
The alleged culprit exchanged USDC for Ether (ETH), utilized instant swap platforms such as WellWallet and Kyrrex, and finally converted the assets into Monero (XMR) via the Wagyu exchange service.
The identity of the suspected attacker remains unknown; however, ZachXBT noted that the pattern of fund movements does not indicate any connection to the North Korean hacker group Lazarus. The victim entity and the exchanges involved have not been disclosed publicly.
ZachXBT also identified 11 wallet addresses linked to these transactions.
This reported incident follows the October 29 Binance breach involving $6.3 billion, which the FBI attributed to North Korean hackers known as “TraderTraitor,” associated with Lazarus, marking it as the largest crypto theft recorded.
Solana Arbitrage Bot’s Wallet May Have Lost Close to $786,000
A wallet connected to King, an automated trading bot operating on the Solana blockchain, reportedly suffered a loss nearing $786,000 on Monday, according to blockchain monitoring account Onchain Lens.
King functions as an arbitrage bot, a software tool that buys cryptocurrency on one exchange and sells it on another to capitalize on price differences. Onchain Lens told Cointelegraph that the funds were moved across several Solana wallets before being bridged to Ethereum using Mayan, a cross-chain asset transfer service. The rapid sequence of transfers suggests an effort to hide the source of the funds and indicates a possible wallet breach.
The operator behind King has not confirmed any security compromise.
Onchain Lens explained to Cointelegraph that their findings are based on unusual fund movements, swift transfers, and subsequent cross-chain activity—all signaling an attempt to obscure the fund origins. They added that this pattern is strongly indicative of a potential wallet hack.
Why it matters
These incidents highlight ongoing security vulnerabilities in the crypto space and demonstrate the sophisticated methods used to launder stolen funds across multiple blockchain networks.
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