ZachXBT Reports $106M Theft From EU Entity

Blockchain investigator ZachXBT said an unidentified entity in the European Union may have lost more than $106 million from accounts at multiple cryptocurrency exchanges, with the funds then moved through a series of swaps and transfers designed to obscure their trail.

In a post on ZachXBT’s official Telegram channel, he described the incident as a suspected theft and said the victim, the affected exchanges and the access method had not been identified.

According to the alert, the assets were first withdrawn in USDC and USDT, then converted into ether before being routed through instant-exchange services and, in part, into Monero. ZachXBT said the movement across multiple cryptocurrencies and blockchains made the path of the funds harder to follow.

He also published 11 wallet addresses linked to the suspected theft, while saying he was highly confident that North Korea’s Lazarus Group was not responsible. The investigator did not name the EU entity or explain how the attacker gained access to the exchange accounts.

The reported loss has not been independently confirmed, and the case remains described as a suspected theft rather than a verified breach. Even so, the sequence of withdrawals, swaps and privacy-focused conversions suggests the funds were moved quickly after leaving the exchange accounts.