$108.8M Crypto Heist Exploited Familiar Wallets to Move Stolen Funds

TL;DR Approximately $108.8 million in USDC left accounts at Kraken, OKX, and Crypto.com between November 1 and 2. Eleven of the 15 receiving wallets had previously received payments from the same exchanges, raising questions about compromised credentials and private keys. Attackers converted $62.98 million in stablecoins into 27,553 ETH , leaving only $3.7 million in USDC potentially subject to freezing by Circle. A suspected $108.8 million crypto theft has exposed potential weaknesses in exchange account security and wallet management after funds moved through previously used withdrawal addresses. An investigation by blockchain analytics firm Bitquery traced the transactions across Ethereum , identifying patterns that suggest the attackers may have accessed both exchange credentials and private keys.

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