"The attacker reportedly gained access through tactics commonly tied to phishing or impersonation schemes, rather than exploiting a technical flaw in the exchange itself."
"Onchain data indicates that roughly 878 ether, valued at about $1.8 million at the time, was part of the early laundering flow tied to the incident."
"Analysts have identified multiple wallet addresses linked to the theft, including a primary ether address and additional associated accounts, along with a bitcoin destination address receiving bridged funds."
"The incident reflects a broader pattern seen throughout 2026, where social engineering remains one of the most effective methods for draining user funds in the digital asset space."
On March 31, 2026, ZachXBT flagged a theft involving phishing tactics rather than technical flaws. Approximately 878 ether, valued at $1.8 million, was laundered through Thorchain. The attacker used a Safepal wallet to obscure fund movements between blockchains. Multiple wallet addresses linked to the theft are being tracked in real time. The incident highlights a trend in 2026 where social engineering is increasingly used to drain user funds, focusing on human behavior rather than exploiting smart contract vulnerabilities.
Read at news.bitcoin.com
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