Overview
- On-chain investigator ZachXBT disclosed that withdrawals of USDC and USDT from centralized exchange accounts occurred on Sunday and Monday and that traced flows now total more than $133 million.
- ZachXBT says roughly $63 million of the stolen stablecoins was converted to ether within about four hours and that attackers used instant exchanges and bridges to move funds.
- More than $30 million was reportedly laundered during the delay between the withdrawals and public reporting, a gap ZachXBT criticized for reducing the chance of freezing tokens.
- Kraken and Crypto.com say they restricted or blocked accounts tied to the flows, while Crédit Mutuel Arkéa has not publicly confirmed or denied the allegation.
- Investigators warn totals could rise once over-the-counter trades and further withdrawals are traced and they say conversion to Monero greatly narrows practical recovery options.