On-chain investigator ZachXBT disclosed on November 2, 2026, that an EU-based entity is believed to have suffered losses exceeding $106 million in a crypto theft that took place on November 1, 2026. The reported loss involved funds held across multiple centralized exchange accounts.
ZachXBT’s account of the suspected EU crypto theft describes withdrawals in stablecoins followed by swaps, transfers through instant exchange services and movements between blockchains. The reported activity involved USDC, USDT, ETH and XMR .
Asset movements in the suspected EU crypto theft
The suspected attacker withdrew funds in USDC and USDT and subsequently began exchanging USDC for ETH, according to ZachXBT. His report described active swapping after the withdrawals from the centralized exchange accounts.
The investigator also identified transfers through instant exchange services, naming WellWallet and Kyrrex among those used. These transfers formed part of the reported movement of the assets following the suspected theft.
Another part of the activity involved converting funds into the privacy coin XMR via Wagyu . ZachXBT described that conversion alongside the USDC-to-ETH swaps and the transfers through instant exchange services.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
