Suspected $106M Crypto Hack Linked to Overnight ETH Buying Spree
A large ETH purchase initially seen as bullish has been tied to stolen funds from a major hack.
A large ETH purchase initially seen as bullish has been tied to stolen funds from a major hack. Ethereum (ETH) is trading at $2,261.97, down 0.5% since this brief published. This is an original TLT brief synthesising 3 outlets (99Bitcoins, CryptoPotato, Unchained), with their figures cross-checked, plus live market data, as of Mon, 02 Nov 2026 17:15:02 UTC.
The incident highlights vulnerabilities in exchange security and the challenges of tracking stolen crypto, as hackers attempt to convert funds into privacy coins.
- 27,553 ETH worth $62.7M was bought overnight by a wallet linked to a $106M hack.
- Hackers converted stolen funds into Ethereum and Monero (XMR).
- The incident underscores crypto exchange security risks and tracking challenges.
Multiple outlets, including 99Bitcoins and Bitcoin Sistemi, report that ZachXBT, a crypto investigator, has linked a $106 million hack to the purchase of 27,553 ETH. The outlets agree on the hack amount and the connection to the ETH purchase but differ slightly in their emphasis, with 99Bitcoins focusing on the initial misleading market signal and Bitcoin Sistemi highlighting the conversion into privacy coins like XMR.
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- Suspected $106M Crypto Hack Linked to Overnight ETH Buying Spree — this brief
On Monday, November 2, a significant 
Ethereum (ETH) purchase initially perceived as a bullish 'whale' move was revealed to be linked to a suspected $106 million hack of an EU-based crypto exchange. The transaction involved 27,553 ETH, worth approximately $62.7 million at current prices, and was flagged by blockchain analysts.
The incident came to light when ZachXBT, a well-known crypto investigator, connected the dots between the large ETH buy and the stolen funds. Initially, the purchase had been seen as a positive market signal, but it turned out to be part of a broader scheme to liquidate stolen assets.
According to reports from 99Bitcoins and 
Bitcoin Sistemi, the hackers converted a portion of the stolen funds into Ethereum and 
Monero (XMR), a privacy-focused cryptocurrency. This conversion highlights the challenges of tracking and recovering stolen crypto assets.
The incident underscores the ongoing security issues faced by crypto exchanges and the difficulties in preventing and mitigating the impact of large-scale hacks. It also raises questions about the effectiveness of current anti-money laundering (AML) and know-your-customer (KYC) measures in the crypto space.
In the broader market context, the total crypto market cap stands at $2.67 trillion, with Bitcoin trading at a 24-hour loss of 0.56% and Ethereum up 0.34% to $2273.29. The Fear & Greed Index remains at 37, indicating a 'Fear' sentiment among investors.
Since this brief published about 2 hours ago, Ethereum (ETH) has moved from $2,273.29 to $2,261.97 — -0.50%.
The chart plots ETH'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.
Will the price of Ethereum be above $2,400 on November 3?
Crowd-implied probability on Polymarket, $186.65K 24h volume, resolves Nov 3 — snapshotted when this brief published (Nov 2 16:05 UTC). A market price reflects what traders collectively expect; it is not a forecast by TLT and will have moved since. View the market ↗
At today's peer-to-peer rate, 1 ETH ≈ ₦3.12M (about $2,261.97), down 0.2% over 24 hours. The naira itself trades about 2.3% 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 asset in this story — live, source-stamped, updated every 15 minutes.
1 key figure independently matched across 2 outlets reporting this story.
TLT extracts the figures each outlet reports and flags the ones that agree. Numbers cited by only one outlet are attributed in the brief, not shown as corroborated.
Suspected $106M Crypto Hack Linked to Overnight ETH Buying S — questions & answers
What is the total value of the stolen funds?
The suspected hack involved $106 million in stolen funds.
How much Ethereum was purchased with the stolen funds?
The hackers bought 27,553 ETH, worth about $62.7 million.
What other cryptocurrency did the hackers convert funds into?
The hackers also converted funds into Monero (XMR), a privacy coin.
How much is 1 Ethereum worth in naira today?
About ₦3.12M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $2,261.97. The naira price moves with both ETH's US-dollar price and the USDT/NGN rate; use our Ethereum in naira page for any amount.
Has Ethereum's price moved since this brief was published?
ETH is down 0.50% since this brief first published — trading at $2,261.97 now versus $2,273.29 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from 99Bitcoins, CryptoPotato, Unchained, with the key figures cross-checked for agreement across them. 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.