EU entity loses over $106M as attacker funnels stablecoins into Monero

An organization based in the European Union may have had more than $106 million drained from several of its centralized exchange accounts. Reports state that the thief rapidly converted the stolen funds into Ether and then the privacy coin Monero. What company was $106 million taken from? On-chain investigator ZachXBT has reported that an unnamed organization based in the European Union has had about $106 million drained from its accounts. ZachXBT’s work shows that most of the money was stolen as USDC and USDT, then swapped into Ether (ETH) almost immediately. From there, the money went through instant-swap sites called Kyrrex and WellWallet, which exist to convert one asset into another fast. The money was changed into Monero (XMR) at a service ZachXBT’s research calls Wagyu.

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