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An unidentified entity in the European Union may have lost more than $106 million from accounts at several cryptocurrency exchanges, according to a Telegram alert by blockchain investigator ZachXBT reported by CoinDesk on Monday. The alleged losses have not been independently confirmed.
The suspected theft occurred Sunday, according to CoinDesk’s account of the alert. Neither the entity nor the exchanges involved was named. The report therefore does not establish that an exchange itself was breached, rather than accounts held by a customer being compromised.
Stablecoins moved through several assets
ZachXBT said the suspected attacker withdrew funds in USDC and USDT, two dollar-pegged stablecoins, then moved the assets through several cryptocurrencies and blockchains over the following 24 hours. According to the alert as reported by CoinDesk, the route included conversions into ether, transfers through instant-exchange services and conversions of some funds into Monero.
The investigator identified WellWallet and Kyrrez among the instant-exchange services used and said Wagyu was used for conversions into Monero. Those descriptions concern the reported movement of funds. They do not establish that any of the services participated in the alleged theft.
The distinction between the assets matters for recovery. Stablecoin issuers can freeze USDC and USDT, while ether and Monero have no central issuer able to do the same. Monero also obscures transaction details, making subsequent tracing more difficult, CoinDesk reported.
Victim and access method remain unknown
ZachXBT published 11 wallet addresses linked to the suspected incident, according to CoinDesk, but did not explain how access to the accounts was obtained. The attacker remained unidentified.
No public confirmation from the unidentified EU entity or the affected exchanges was available in CoinDesk’s report. The $106 million figure should therefore be read as the investigator’s allegation, not a confirmed loss disclosed by a company or regulator.
The missing details also limit what can be concluded about the cause. Without an identified victim, exchange response or account-access explanation, the report does not show whether the incident resulted from stolen credentials, compromised systems or another mechanism.
JBizNews Desk | New York
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