An unidentified organisation in the European Union may have lost more than $106 million from accounts held at several crypto exchanges on November 1. Millions of dollars then moved through cryptocurrency wallets within minutes.

Blockchain investigator ZachXBT raised the alarm on Monday. The suspected attacker reportedly withdrew USDC and USDT, two cryptocurrencies designed to maintain a value of $1.

BeInCrypto’s review of Ethereum transactions found roughly $80 million in USDC arriving at 11 wallets over 11 hours. In five wallets, around $9.6 million was moved out again within three minutes.

The $106 million estimate includes USDT. No victim or exchange has publicly confirmed the alleged theft.

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