EU entity may have lost over $106M in theft across centralized exchange accounts

Stolen funds were reportedly moved from stablecoins into ETH, then into Monero, before being sent through cross-chain bridges An entity based in the European Union may have lost over $106 million in a theft that hit multiple accounts it held on centralized exchanges. The victim has not been named, and neither has the method of compromise. What has surfaced is the path the money took afterward, and it was a busy itinerary. On-chain investigator ZachXBT brought the incident to public attention. His tracing shows funds leaving the exchange accounts, changing form several times, and ending up in some of the hardest places in crypto to follow. How the funds moved The attacker mainly withdrew the funds as USDC and USDT. Both are stablecoins, tokens designed to hold a steady value pegged to the US dollar. The stablecoins did not stay stablecoins for long. The attacker swapped them into Ethereum’s native token, ETH, and did it quickly. From there, funds passed through instant exchange services, including Kyrrex and WellWallet. These are platforms built for fast swaps between assets, and here they served as waypoints on the trip. The next stop was Monero, ticker XMR, with the research point...