An entity based in the European Union reportedly lost more than $106 million after funds were withdrawn from several accounts on centralized exchanges, according to blockchain investigator ZachXBT. The thief first converted the funds into USDC and USDT, then into ether, before routing them through instant exchange services such as Kyrrex and WellWallet. The proceeds were subsequently converted into Monero, a cryptocurrency designed to conceal transaction participants and amounts, and were then dispersed using bridges between blockchains. ZachXBT ruled out the Lazarus Group with high confidence, while the victim remains anonymous and the recovery of the funds is still considered difficult.
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