EU-Based Entity Loses Over $106 Million in Crypto Theft, Funds Tracked Across Multiple Chains
A suspected $106 million cryptocurrency theft occurred on November 1 involving an EU-based entity, with funds withdrawn from multiple centralized exchanges. The stolen assets were converted into stablecoins and Ethereum before being routed through privacy tools like Monero and cross-chain bridges. The identity of the victim and the breach method remain unknown.
On November 1, 2026, an EU-based entity reportedly lost over $106 million in cryptocurrency through unauthorized withdrawals from multiple centralized exchange accounts, according to blockchain investigator ZachXBT. The stolen funds were initially withdrawn as stablecoins—specifically USD Coin (USDC) and Tether (USDT)—before being converted into Ethereum (ETH). The attacker then utilized instant exchange platforms like WellWallet and Kyrrex to shift assets between cryptocurrencies, followed by a conversion into Monero (XMR) via the Wagyu service, which specializes in privacy-enhancing transactions. Cross-chain bridge transfers were also employed to move funds across different blockchain networks, complicating tracking efforts. ZachXBT first reported the incident on November 2, detailing these movements but not confirming the exact amount or identifying the victim. The method of breach—whether through compromised credentials, a software vulnerability, or social engineering—remains unknown, as does the identity of the entity involved. No official confirmation has been issued by regulators or exchanges, leaving the full scope of the loss unverified.
The broader context includes growing concerns over security in centralized exchange infrastructure and the increasing sophistication of post-theft laundering techniques. The use of privacy coins like Monero and cross-chain bridges reflects a known trend in cybercrime, where attackers aim to obscure transaction trails. Earlier high-p
This incident could signal a growing vulnerability in Europe’s digital asset infrastructure, particularly for institutions relying on centralized exchanges despite increasing regulatory oversight under MiCA. The use of privacy tools and cross-chain bridges may indicate a shift toward more sophisticated laundering tactics, potentially undermining efforts to trace illicit flows. Financial institutions and regulators may respond by tightening KYC/AML requirements for exchange-to-privacy coin conversions, though enforcement remains challenging. Comparable cases like the 2018 Coincheck breach or the 2023 FTX collapse show how such events can erode market confidence and prompt regulatory overhauls. The broader crypto ecosystem may experience short-term volatility as investors reassess risk exposure. What to watch for next includes whether EU authorities initiate formal investigations, whether exchanges disclose security lapses, and whether new forensic tools emerge to counter privacy-focused