EL7.AI
CryptoMedium•3 November 2026•
3 min read

Bitquery Traces $108.80 Million in USDC in Suspected Theft

Key Facts

1Bitquery traced $108.80 million in USDC moving to 15 wallets on Nov. 1 and 2.
2A CoinDesk report gave an estimate of suspected losses exceeding $106 million on Nov. 2.
3Stablecoins worth $62.98 million were converted into 27,553 Ether over about four hours.
4Bitquery said $78.27 million remained in wallets linked to the suspect at 13:47 UTC on Nov. 2.

Bitquery traced the movement of $108.80 million in USDC from accounts at Kraken, Crypto.com and OKX to 15 wallets on Nov. 1 and 2. The company published its findings on Nov. 2, against the backdrop of a suspected theft involving an entity in the European Union. A CoinDesk report published the same day cited blockchain investigator ZachXBT as saying the entity’s losses could exceed $106 million. The report said those losses had not been independently confirmed. The figures attributed to Bitquery track specific flows over two days, while the loss estimate in the earlier report was described as suspected.

The identity of the entity believed to have been affected was not disclosed, and neither the entity nor any of the exchanges involved publicly confirmed the suspected theft, according to CoinDesk. These details set clear limits on what can be attributed to specific parties in the case: the report relayed an estimate from ZachXBT, while Bitquery published a path for funds between accounts, exchanges and wallets. The available information included no public confirmation from the exchanges about the withdrawals or their connection to the incident. The losses attributed to the incident therefore remain described as suspected. The information also did not identify the European party that may own the accounts.

Bitquery also tracked a $62.98 million conversion from stablecoins into 27,553 Ether through UniswapX over about four hours. The conversion adds detail to the movement of funds the company tracked after USDC left accounts linked to the exchanges. At a specific time the following day, Bitquery said $78.27 million remained on the Ethereum network in addresses it linked to the suspect. The company estimated that about $30.5 million had left the wallets it tracked by that point, after accounting for funds that had returned. These figures reflect different stages of asset tracing and do not in themselves independently confirm the total losses.

As of Bitquery’s tracking on Monday, 3.74 million USDC remained in wallets it attributed to the suspect, and the company said Circle could freeze the balance. It said most of the amount was spread across five wallets. The balance is part of the published tracing details on funds moved on Nov. 1 and 2, not a confirmed update to total losses on Nov. 3. The figure cited by CoinDesk of losses exceeding $106 million remained an estimate attributed to ZachXBT and had not been independently confirmed. The available information included no public confirmation from the entity or the exchanges that the suspected theft had taken place.