$106 Million Crypto Theft Hits EU Entity With Multiple Exchange Accounts

An unnamed European Union organization is suspected of losing over $106 million from accounts at multiple centralized cryptocurrency exchanges on November 1, according to blockchain investigator ZachXBT, who raised the alarm on Monday. The suspect withdrew USDC and USDT, stablecoins intended to maintain a $1 value; the total estimate includes USDT. A review of Ethereum transactions found about $80 million in USDC arriving at 11 wallets over 11 hours, with roughly $9.6 million moved out of five of those wallets again within three minutes. ZachXBT said some funds were exchanged for ETH and routed through instant-exchange services, and some were converted to Monero, a cryptocurrency that hides transaction details. Neither the entity nor any exchange has publicly confirmed the suspected theft.