Kraken, Crypto.com block funds linked to suspected $133M crypto theft: Report

Kraken and Crypto.com swiftly respond to major crypto theft by freezing suspect funds to enhance security. A suspected theft of more than $133 million in crypto has prompted Kraken to restrict accounts connected to the incident, while investigators track the stolen assets as they move through exchanges, conversion services and cross-chain bridges. Blockchain investigator ZachXBT first flagged the incident on Monday, saying an unidentified European entity had allegedly lost more than $106 million through withdrawals from several centralized exchange accounts on Nov. 1. The suspected attacker withdrew the assets in USDC and USDT before swapping stablecoins for ETH, routing transactions through instant exchanges including WellWallet and Kyrrex, converting funds into Monero through Wagyu and transferring assets across multiple blockchains using bridges. According to blockchain analytics firm Bitquery, the withdrawals involved accounts at Kraken, Crypto.com and OKX. Its analysis showed that approximately $63 million in stablecoins was exchanged for 27,553 ETH over approximately four hours. Bitquery’s tracking showed that a large portion of the suspected stolen funds had already moved ou...