EU entity suspected of losing more than $106 million from crypto exchange accounts

An unidentified European Union-based entity is suspected of losing more than $106 million from accounts at multiple centralized cryptocurrency exchanges on November 1, 2026.

The estimate was attributed to blockchain investigator ZachXBT. Neither the alleged victim nor the exchanges said to be affected had been publicly identified at the time of reporting, and no independent confirmation of the loss was available.

Available reporting supports the description of suspected unauthorized withdrawals, rather than a confirmed theft or hack. The access method, precise timing and full asset-by-asset breakdown have not been disclosed.

Reported movement of funds

According to the reported on-chain analysis, funds were withdrawn mainly as the stablecoins USDC and USDT. They were then moved through ETH swaps, instant-exchange services, conversions involving Monero and cross-chain transfers.

These steps can complicate the tracing of assets across wallets and networks. However, the public information does not establish who controlled the accounts, how access was obtained or whether all of the transactions were unauthorized.

Lookonchain separately reported that one wallet purchased about 27,553 ETH for $62.97 million at an average price of $2,286. That report is not independent confirmation of the total suspected loss or of the identity of the party behind the transactions.

Key details remain unconfirmed

The $106 million figure remains an attributed estimate. Public reports have not named the EU entity, the centralized exchanges involved or the organization responsible for the accounts.

The distinction matters because reports have varied in describing the incident as a hack or theft. Based on the available evidence, it is more accurate to characterize the case as a suspected unauthorized withdrawal event pending statements from the alleged victim or affected platforms.

Exchange-account security incidents can involve several possible points of failure, but no cause has been established in this case. The available reporting does not identify whether the event involved compromised credentials, account controls or another method.

• The alleged victim has not been publicly identified.
• The affected exchanges have not been publicly identified.
• The reported loss has not been independently verified.
• The method used to access the accounts remains undisclosed.

Why confirmation will be important

Further confirmation from the alleged victim or relevant exchanges would be needed to establish the scale of the incident, the assets affected and the status of any recovery effort. Until then, the on-chain reporting provides a preliminary account rather than a complete incident record.

The case also arrives amid continued scrutiny of security controls at centralized trading platforms. A separate report on a regulatory call for offshore exchange registration examined how exchange security events can shape policy discussions.

For users and institutions, the report underscores the importance of understanding how account access, withdrawal permissions and incident-response procedures are managed by a platform. It does not establish any finding about the security practices of a particular exchange.

Continue reading: regulatory call for offshore exchange registration on BTCNews.

Continue reading: Kraken Pro options for eligible EEA clients on BTCNews.

Sources

• CoinDesk: EU entity suspected of losing $106 million from crypto exchange accounts, ZachXBT says
• Lookonchain: EU Entity Loses $106M+ Across CEX Accounts; Attacker Buys 27,553 ETH for $62.97M
• CoinNess: ZachXBT says suspected $106M hack hit EU-based crypto firm

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