A European Union-based entity reportedly suffered the theft of more than $106 million in cryptocurrencies, primarily USDC and USDT, on November 1. According to blockchain investigator ZachXBT, the attacker converted the stolen funds into Ethereum, transferred them to instant crypto exchanges, and then swapped them into Monero to obscure the transactions. The suspect also reportedly bridged assets across multiple blockchain networks, further complicating efforts to trace the funds. Although the attacker has not been identified, ZachXBT said with a high degree of confidence that North Korea’s Lazarus Group was not involved. The incident comes as the European Banking Authority recognizes USDC as the EU’s first major electronic money token under MiCA, while the ESMA restricts services involving stablecoins that do not comply with the regulation.
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