Key Highlights
- A user of Kraken and Coinbase reportedly lost about $6.7 million in crypto assets.
- The stolen funds included 1,554 ETH, 10.5 BTC, and 34.1 cbBTC.
- Around $5.3 million of the stolen funds was later moved through Tornado Cash.
A user of both Kraken and Coinbase reportedly lost about $6.7 million in crypto assets on Tuesday, according to blockchain analyst Specter.
In an X post on Wednesday, the analyst reported that about 1,554 Ethereum (ETH), worth roughly $3.3 million, and 10.5 Bitcoin (BTC) were taken from the victim’s Kraken account. Moreover, 34.1 cbBTC, worth about $2.6 million, was removed from Coinbase-linked holdings.
The stolen crypto was moved into specific addresses with the tags “0xd3191” and “bc1qxn.”
How the funds were moved
The Ethereum side of the theft was split into different amounts before being combined into one wallet. The thief made three different transfers, with amounts of 0.809 ETH, 1,249.999 ETH, and 304.126 ETH, making a total of about 1,554 ETH.
The Bitcoin side followed a similar method. Around 10.5 BTC was broken into smaller parts, such as 10.477985 BTC, 0.029125 BTC, and other tiny amounts, before being sent to a single destination. This kind of splitting is often done to make it harder to follow the money flow on the blockchain.
After the theft, about $5.3 million of the stolen assets was routed through Tornado Cash, a crypto mixing service designed to obscure transaction histories by pooling and redistributing funds from multiple users.
Specter did not specifically mention how the thief got into the victim’s wallet. The investigation initially mentioned that it was likely “a result of physical attack,” but later confirmed it wasn’t.
This incident reflects a broader pattern of coordinated crypto thefts where attackers rely on structured wallet movements and mixing tools rather than simple transfers.
Ongoing debate around crypto exchanges
The case comes as some investigators continue to question how exchanges handle deposits linked to suspicious activity.
Earlier today, Specter commented on a separate case involving KuCoin, where an X user named Archer (@archermvp) claimed that funds stolen from him in a scam were traced to a KuCoin-linked wallet. He asked how the wallet owner could be identified so legal action could be taken.
Blockchain data shared in the case showed a transfer of about 45.019964346 ETH, worth roughly $95,532 at the time, moving from a personal wallet labeled 0x67c66d to a KuCoin-linked deposit address labeled 0x453001, also tagged as “KuCoin 17.”
These repeated patterns have increased debate about how exchanges monitor incoming deposits and whether they can properly flag suspicious activity before funds are processed. As of now, there is no official response to the $6.7 million theft case.
Also Read: Coinbase Takes Blockchain Aid To Help UK Police Convict 5 Kidnappers
