ZachXBT Flags Suspected $106 Million-Plus Theft From EU Entity

ZachXBT built his reputation tracing North Korea's Lazarus Group through hacks like the 2022 Ronin Bridge theft and this year's Bybit breach, so his explicit statement that Lazarus is not behind this one carries weight. Centralized exchanges have long promised custodial safeguards after years of hacks, yet this case again shows funds leaving 'multiple exchange accounts' within minutes, repeating a pattern regulators and security firms have tried to close since FTX's 2022 collapse exposed weak internal controls.

The unnamed EU entity now faces the task of proving to its exchanges, auditors and possibly regulators exactly how its accounts were compromised, while those exchanges must explain how withdrawals worth over $106 million cleared without triggering holds. Compliance teams at platforms touched by the laundering trail, from instant-exchange services to bridge operators, will face requests to freeze or flag wallets. Forensic firms and investigators like ZachXBT gain relevance as the de facto first responders in such cases.

Routing stolen funds through Monero after passing through USDC, USDT and ETH shows the limits of blockchain transparency once privacy coins enter the chain, a point regulators have cited for years in pushing exchanges to delist Monero. The case sharpens a real trade-off: tools built for financial privacy also shield thieves, and no amount of on-chain analytics fully closes that gap once funds cross into opaque rails. Centralized custody, meant to offer safety, remains the entry point for the theft itself. (per cryptobriefing.com)

Whether the EU entity is named, and whether any exchange confirms a breach or compensates losses, will determine if this becomes a regulatory case study or fades as an unresolved mystery. ZachXBT's Telegram alert from November 2 is the only public account so far; a follow-up identifying wallets tied to the Monero exit or naming the victim organization would mark the next concrete development worth tracking.