EU entity loses over $106M as attacker funnels stablecoins into Monero

On-chain investigator ZachXBT reported that an unnamed European Union-based organization had about $106 million drained from several centralized exchange accounts. Most of the funds were taken as USDC and USDT stablecoins and quickly swapped into Ether, then routed through instant-swap services Kyrrex and WellWallet and converted to Monero at a service called Wagyu before being moved across blockchains with cross-chain bridges. Investigators shared 11 addresses linked to the theft, but recovery is unlikely. Stablecoins and Ether are traceable on public ledgers, while Monero conceals sender, receiver and amount, ending the visible trail. Stablecoin issuers can freeze assets, so attackers race to convert them.