On-Chain Detector ZachXBT Uncovers $27M Crypto Theft in Recent Hack

On-chain detective ZachXBT shared a recent hack that occurred in which a victim lost approximately $27 million. The hack took place on November 11, and when ZachXBT shared the news on November 12, he said, “It appears someone had 27 million USDT stolen yesterday.”

It appears someone had 27M USDT stolen yesterday.

0x0f2183c8e415e61b4ad7774bf1097019eb2d5b85798a2a229070495131d60321

USDT was quickly swapped for ETH, then transferred to a number of services (FixedFloat, ChangeNow, etc), and bridged to Bitcoin via THORChain. pic.twitter.com/SgEBwyZZSc

— ZachXBT (@zachxbt) November 12, 2023

The amount lost was in Tether USD (USDT), and ZachXBT stated that the amount was quickly swapped for ETH. Moreover, the money was transferred to several protocols, such as FixedFloat and ChangeNow, both of which claim to be instant crypto exchanges.

Furthermore, PeckShieldAlert, a blockchain security company, stated that the funds were transferred to various centralized exchanges, including SideShift, OKX, WhiteBit, Binance, Kucoin, and HitBTC. Lastly, the stolen funds were bridged to Bitcoin via THORChain.

PeckShieldAlert added that the victim received the now-stolen funds seven days ago from Binance. ZachXBT shared an update claiming that the victim’s address is connected to the Binance deployer.

#PeckShieldAlert ZachXBT @zachxbt has reported that the address 0xa8D8A0..5bcE appears to have been drained of ~27M $USDT and 11 $ETH.

The victim received these $USDT ~7 days ago from #Binance.

The presumed attacker 0x03C401…37E3 swapped the stolen $USDT for $ETH and… https://t.co/4w7XqhYYdR pic.twitter.com/tGAB3fLoDC

— PeckShieldAlert (@PeckShieldAlert) November 13, 2023

Some people from the crypto community claimed that the victim has put themselves in that position, saying, “Imagine having 27 million in a hot wallet.” Others responded that if a person has that amount of money in their hot wallet, they “could afford it.”

“Unless, of course, you wanted to get “hacked” so you could avoid clawbacks or other attempts to seize funds,” replied one user to ZachXBT. Furthermore, ZachXBT recently discovered that Coinspot, a crypto exchange in Australia, got hacked. The exchange has fallen victim to an exploit that drained $2 million worth of assets from two of its wallets.

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