Attackers stole about $30 million from a bank, transferred the funds into newly opened fiat accounts and then converted them into crypto across several centralized exchanges. On-chain investigator ZachXBT tracked the money in near real time and asked the platforms to freeze it, but they could not act without official confirmation from the victim. According to Taylor Monahan, MyCrypto founder and security researcher, the institutional response was held back by procedural gaps rather than technical limitations. The case highlights the need for banks to report breaches quickly to the relevant exchanges and for financial institutions to cooperate more closely when fiat money is converted into digital assets.
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