$133 million crypto hack in Europe: a financial institution targeted?
A few days after the record Binance hack, a new theft of more than $133 million has reportedly hit a European financial institution. According to investigator ZachXBT, the hackers quickly converted the funds into ETH…
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https://cryptoast.fr/hack-crypto-133-millions-europe-institution-financiere-zachxbt/
A European organization was allegedly the victim of the theft of more than $133 million in cryptocurrencies. The affair was revealed on Monday by ZachXBT, an investigator specializing in the analysis of blockchain transactions. So far, no victims have come forward.
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According to its initial observations, an entity based in the European Union lost $106 million held on several centralized exchange platforms. The funds were withdrawn in USDC and USDT, two dollar-pegged stablecoins.
ZachXBT then identified $27 million in additional withdrawals, some made after its first alert, bringing the total to more than $133 million.
The investigator suspects a large Western European financial institution of covering up the incident.
My working hypothesis is that a large financial institution in Western Europe has been compromised and that the affair is currently being covered up.
According to him, the absence of an official declaration would have allowed the pirates to launder more than 30 million dollars which could have been frozen by the European authorities.
When funds are locked up on exchange platforms, they remain exposed to this type of incident: to keep control of your cryptos, a self-custody wallet is an option.
Analysis of Ethereum transactions by BeInCrypto reveals that approximately $80 million in USDC was transferred to 11 wallets in 11 hours. From five of them, nearly $9.6 million was gone in less than three minutes.
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This speed is explained in particular by the possibility for Circle and Tether, the issuers of USDC and USDT, to freeze their tokens. To escape this risk, the hacker quickly converted his USDC into Ether (ETH), a cryptocurrency that no central issuer can block.
The funds then flowed through instant exchange services including WellWallet and Kyrrex. Some of it was converted into Monero (XMR), a cryptocurrency that hides transaction details, while other amounts circulated between multiple blockchains.
Machine-translated from French
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- Cryptoast3 Nov, 09:45$133 million crypto hack in Europe: a financial institution targeted? ↗Figures: 133 millions
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