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

• Significant crypto theft amounting to $27 million was exposed by on-chain detective ZachXBT. 
• The stolen amount was transferred to various centralized exchanges, including Binance and KuCoin. 
• ZachXBT claimed that the victim’s address is connected to the Binance deployer.

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.”

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. 

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.