Suspected $106M Crypto Theft Ran Through Familiar Wallets

A Bitquery investigation dated Nov. 2 traced $108.8 million in USDC from three exchange accounts tied to an unnamed EU entity, after on-chain investigator ZachXBT flagged the suspected theft. Withdrawals ran from 12:25 UTC on Nov. 1 to 09:09 UTC the next day; Kraken supplied about 95%, with OKX and Crypto.com providing the rest. Eleven of 15 receiving wallets had prior payouts and received 84% of the funds, leading Bitquery to infer the thief likely held exchange logins and wallet keys; the victim and exchanges have not confirmed that. The trace showed no exchange breach, and $62.98 million in stablecoins was swapped for 27,553 ETH, leaving $3.7 million in freezable USDC.