Mysterious $106M Crypto Theft in Europe Converts to Monero
A significant crypto theft in Europe resulted in the conversion of $106 million in stablecoins to Monero.
A significant crypto theft in Europe resulted in the conversion of $106 million in stablecoins to Monero. Tether (USDT) is trading at $0.9987. This is an original TLT brief based on reporting by Bitcoin Sistemi, with live market data added, as of Tue, 03 Nov 2026 10:15:02 UTC.
This incident highlights the growing use of privacy coins in illicit activities, posing challenges for tracking and recovering stolen funds.
- Suspected attacker stole $106M in USDC and USDT from exchange accounts.
- Stolen funds were converted to Monero, a privacy-focused cryptocurrency.
- Incident underscores vulnerabilities in crypto exchange security measures.
A significant crypto theft has been reported in Europe, with the suspected hacker withdrawing $106 million in 
USDC and USDT from exchange accounts. The stolen funds were subsequently converted to 
Monero (XMR), a cryptocurrency known for its privacy features.
The incident highlights the increasing use of privacy coins in illicit activities. Monero's anonymity features make it difficult to trace transactions, complicating efforts to recover stolen funds and identify the perpetrator.
The stolen amounts of USDC and USDT represent a small fraction of their total circulating supplies, which are $71.19 billion and $178.8 billion respectively, according to DeFiLlama. Despite the large sum of the theft, the impact on the stablecoin market has been minimal, with both USDC and USDT showing only slight 24-hour price declines.
The broader crypto market remains in a downturn, with 
Bitcoin down 1.81% in the last 24 hours and the overall market cap at $2.64 trillion. The Fear & Greed Index stands at 26, indicating a 'Fear' sentiment among investors.
This incident underscores the ongoing security challenges faced by crypto exchanges. As hackers continue to exploit vulnerabilities, exchanges will need to enhance their security measures to protect user assets.
Since this brief published about 3 hours ago, Tether (USDT) has moved from $0.9986 to $0.9987 — +0.01%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,377.44 (about $0.9987), down 0.0% over 24 hours. The naira itself trades about 2.5% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 3, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Mysterious $106M Crypto Theft in Europe Converts to Monero — questions & answers
How much was stolen in the crypto theft?
The hacker stole $106 million in USDC and USDT from exchange accounts.
Why was Monero used in the theft?
Monero was used because its privacy features make it difficult to trace transactions.
What is the impact on the stablecoin market?
The impact on the stablecoin market has been minimal, with USDC and USDT showing slight 24-hour price declines.
How much is 1 Tether worth in naira today?
About ₦1,377.44 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9987. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Bitcoin Sistemi. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.