Cybercriminals steal $21 million in stablecoin, transferring it to the Ethereum blockchain.

Significant Stablecoin Theft

A substantial theft occurred on October 10, 2025, impacting the crypto space with a loss of approximately $21 million in stablecoins. The attacker drained a single user's wallet and transferred the funds to the Ethereum blockchain. Security experts have identified the incident as resulting from a leaked private key, granting direct control of the wallet.

Attack Details and Funds Movement

The attack did not involve a smart contract vulnerability or bridge bug; rather, the compromise was due to the exposure of a private key. The stolen assets included roughly 17.75 million DAI and 3.11 million MSYRUPUSDP. Following the theft, the funds were moved rapidly through cross-chain bridges and multiple Ethereum addresses to complicate tracking.

Challenges in Tracking and Recovery

Tracing the funds' movement has been complicated by discrepancies in token labels and the use of bridges. The thief strategically obscured the origin of the funds by routing them through numerous addresses, hindering recovery efforts. Chain monitors are following the transactions, but the process is complex due to the obfuscation techniques.

Broader Security Concerns

The incident highlights the ongoing threat of private key leaks, which have resulted in over $1 billion in losses in recent years. Similar incidents underscore the importance of robust security measures. Information shared among security outlets has also caused slight variations in reported numbers.