On-chain sleuth ZachXBT traced a sudden 27,553 ETH purchase to accounts tied to a suspected $106 million theft from an EU entity.
MoneyTurkey Crypto Desk | 2 November 2026
Key points
- ZachXBT identified the overnight buyer of 27,553 ETH as the same wallet cluster that moved funds after a suspected $106 million crypto theft from an EU entity.
- The stolen funds were held across multiple exchange accounts, according to CoinDesk and Yahoo Finance reports citing ZachXBT.
Blockchain investigator ZachXBT has connected a large overnight purchase of 27,553 ETH to a suspected $106 million theft from an EU entity. The transaction appeared on-chain shortly after the funds were drained from several exchange accounts. The link suggests the buyer is the same actor who executed the theft rather than an unrelated market participant.
What happened
ZachXBT published wallet analysis showing that the addresses used to buy the 27,553 ETH match the cluster that received the stolen assets. The EU entity held the funds across multiple exchange accounts, CoinDesk reported. Once withdrawn, the ETH was consolidated and then spent in a single large market order. Yahoo Finance noted the theft total reached $106 million based on the same on-chain tracing.
The exchange accounts in question were controlled by the victim entity, not by the thief prior to the incident. After the withdrawal, the ETH moved through several intermediate wallets before the final purchase. No exchange has yet confirmed whether it froze any related addresses.
Tracing the funds
ZachXBT’s report maps the flow from the victim’s exchange accounts to a set of deposit addresses used hours later to acquire the ETH. The timing and common ownership indicators form the core of the attribution. The same methodology has been used in prior cases to connect stolen funds to subsequent market activity.
The EU entity has not issued a public statement. The wallets identified by ZachXBT remain active, though no further large transfers have been recorded since the ETH purchase.
Why it matters
Large ETH purchases that move the market are routinely monitored for signs of stolen-fund deployment. When an address cluster matches both theft and subsequent buying, exchanges and traders can adjust surveillance. The $106 million scale places the incident among the larger crypto-related thefts reported this year.
Market participants tracking the 27,553 ETH transaction now have an additional data point on its origin. The information does not alter exchange order books directly but informs risk models used by liquidity providers and compliance teams.
What to watch
- Any further large transfers from the identified cluster
- Exchange statements on frozen addresses linked to the theft
- Updates from ZachXBT on wallet movements
Related on MoneyTurkey
- Mercado Bitcoin Absorbs $40 Million Hack Loss
- Binance Loses $6.3 Billion in Record Crypto Theft; FBI Blames North Korea
For information only. Not investment advice.
Sources
- CoinDesk: https://www.coindesk.com/tech/2026/11/02/eu-entity-suspected-of-losing-usd106-million-from-crypto-exchange-accounts-zachxbt-says
- Yahoo Finance: https://news.google.com/rss/articles/CBMikgFBVV95cUxOLTVDM2pnenh5VWhqRm04aXY4RWZzNmhmbUhhWlRtWHlXN2x1ZnM5TEFSOTF6YWRCTXFBT0hWUzU2dXUxd2NydlRwWVk1c1BOVjB3YmFFc2dmOFFXeXZGc0x6ZW41Y2pnbnRzdmpYNWxlVzVING5CMFNqcTRKQl9tYmRqaXYyVWkxczdvSEt6ZHlTQQ?oc=5
- Yahoo Finance: https://news.google.com/rss/articles/CBMimgFBVV95cUxNdjRnM1VfOXpXd0RCZV9MNVlYYkhNcVppQ2c2bXBYNEF4d2lCT05TUFkwVVEyN0ZCdnAwNEtvanBlUURoSjI2eVZVRUtJZmVJOXJzUm1WZmZ1Zy1QX2dWd2N2SF9WTEFnMGRMSzBpVE1EYnFxMU03RUNsa2JlLUNvbmRtRmFQajhfTFFJS2w3ZkltT01XWnoteC1B?oc=5
