Hacking News
Crypto Heist Exposes Weakness in Exchange Security
A major crypto theft involving a European financial institution has exposed vulnerabilities in exchange withdrawal allowlists. Blockchain investigator ZachXBT reported over $106 million stolen, with additional $27 million later identified. The theft occurred through compromised exchange accounts and previously approved wallets. Bitquery traced $108.8 million in USDC withdrawals from Kraken, Crypto.com, and OKX, distributed across 15 wallet addresses. The attacker moved funds quickly through fresh wallets and converted some into ETH. The incident highlights the need for better security measures in exchanges and wallets.