Over $106M in Crypto Stolen From EU Entity? ZachXBT Tracks Attacker’s Laundering Trail

ZachXBT said that multiple laundering indicators give him high confidence that the North Korean threat actor Lazarus Group is not responsible. It seems like the crypto industry can’t catch a break, with one security incident after another. Interestingly, this time, the notorious Lazarus Group may not be behind it. Blockchain investigator ZachXBT has now flagged a suspected theft of more than $106 million involving multiple centralized exchange accounts linked to an unnamed EU entity on November 1. Movement of Funds According to his findings, the stolen funds were withdrawn in USDC and USDT before the attacker began aggressively swapping USDC for ETH, moving funds through instant exchanges such as WellWallet and Kyrrex, and converting them into XMR through Wagyu. Instant exchanges are platforms that let users quickly swap crypto assets without opening a full centralized exchange trading account, while Wagyu is a non-custodial, cross-chain instant exchange and bridge built for privacy-focused digital assets. The funds were also bridged across multiple chains. Although the actor remains unidentified, ZachXBT said he is highly confident the activity is not linked to the North Korean th...