ZachXBT reports over $106M in stablecoins allegedly stolen from a European organization

On-chain researcher ZachXBT reported a probable theft of more than $106 million in USDC and USDT. According to his account, the funds were taken from accounts linked to an unnamed European organization across several centralized exchanges. The incident occurred on November 1. Over the following day, the suspected thief exchanged USDC for ETH, moved assets through instant exchange services including WellWallet and Kyrrex, converted them into Monero (XMR) via Wagyu and shifted them between blockchains. Based on the money-laundering methods identified, ZachXBT said he does not, with a high degree of confidence, consider the North Korean Lazarus Group involved in the attack. For people who hold or exchange crypto, the news is a reminder that large stablecoin balances on exchanges can become a target for attackers, while transfers across blockchains and exchange services are publicly traceable.