Blockchain Analysts Report Potential $106M Exchange Hack and $786K Solana Bot Compromise
Investigators have identified a possible $106 million theft targeting a European organization's exchange holdings, alongside a separate $786,000 loss from a wallet linked to a Solana-based arbitrage bot.
A previously unnamed organization based within the European Union potentially suffered losses exceeding $106 million from its holdings across various cryptocurrency exchange platforms this past Sunday, based on findings from blockchain investigator ZachXBT.
According to a post published on Monday, ZachXBT reported that the funds believed to be stolen were initially withdrawn in the form of USDC and USDT stablecoins, then subsequently routed through multiple cryptocurrencies and blockchain networks.
The individual believed to be behind the attack exchanged USDC for Ether (ETH), utilized instant exchange platforms such as WellWallet and Kyrrex, and transformed the assets into Monero (XMR) via the swap platform Wagyu.
The identity of the suspected attacker continues to remain unknown, although ZachXBT indicated that the patterns of fund movement suggested the incident was not connected to North Korea's Lazarus Group. The impacted organization and the cryptocurrency exchanges that were involved have not yet been disclosed to the public.
ZachXBT successfully identified 11 separate wallet addresses that are associated with the stolen funds.
This reported theft comes in the wake of the $6.3 billion Binance security breach that occurred on Oct. 29, which the FBI has officially attributed to North Korean cybercriminals operating under the name "TraderTraitor," a group with established connections to Lazarus. This particular attack has been recorded as the largest cryptocurrency theft in history.
Wallet associated with Solana arbitrage bot may have lost $786K
A digital wallet connected to King, an automated trading bot operating on the Solana network, potentially suffered losses of approximately $786,000 on Monday, based on information from pseudonymous blockchain monitoring account Onchain Lens.
King functions as an arbitrage bot, which is specialized software designed to automatically purchase cryptocurrency on one marketplace and sell it on another to capitalize on price discrepancies between markets. Onchain Lens communicated to Cointelegraph that the assets moved through multiple Solana wallets before ultimately being transferred to the Ethereum network using Mayan, a cross-chain bridge service for moving assets between different blockchains. The monitoring account stated that the speed and pattern of the transfers indicated an effort to hide the funds' original source and pointed to a probable wallet compromise.
The individual or team operating King has not yet publicly confirmed whether a security compromise took place.
Our report is based on unusual fund movements, rapid transfers and the subsequent cross-chain movement of funds, which we believe indicates an attempt to obscure their origin. This pattern strongly suggests a potential wallet compromise.
Onchain Lens told Cointelegraph
