![]()
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
A large stablecoin theft hit the crypto space on Oct 10, 2025, when an attacker drained a single user wallet and moved the proceeds onto Ethereum. Based on reports, the loss is about $21 million. The event has drawn fresh attention to how one leaked secret can wipe out millions.
Related Reading: Bitcoin Or Your Life? Israeli Trader Stabbed, $600K Stolen in Home Attack## Stablecoin: Key Details Of The Theft
According to chain trackers and security feeds, the affected address shown on explorers as 0x0cdC…E955 lost roughly $21 million in stablecoins. Reports place about 17.75 million DAI among the stolen assets and about 3.11 million of a second stable token that some trackers list as MSYRUPUSDP.
Security firms including PeckShield flagged the incident as a private key leak, meaning the attacker gained direct control of the wallet’s signing key and moved funds without breaking a platform’s code.
How The Attack Appears To Have Happened
Based on reports, this was not a smart-contract flaw or a bridge bug. The stablecoin wallet’s secret key was exposed or taken. Once that happened, transfers could be signed and broadcast instantly.
Some of the moves were rapid. Large sum transfers were routed through one or more cross-chain bridges before arriving on Ethereum, where funds were shifted across multiple addresses. That routing made tracing harder, but chain monitors followed many of the hops.
As of today, the market cap of cryptocurrencies stood at $3.69 trillion. Chart: TradingView
Where The Money Traveled
Tracing shows the stolen stablecoins crossed chains and then were shuffled on Ethereum. Observers noted that token labels in explorers did not always match contract names, which can confuse quick summaries.
Using contract addresses is the only precise way to follow funds on chain. Reports say the thief used bridges to obscure origin and then moved assets between a number of addresses, a step which complicates recovery efforts if the funds are not deposited to a centralized service.
Related Reading: Crypto Could Tip The Scales — 64% Of Voters Say It Guides Their Vote### Gaps In The Public Record
Reports have disclosed that several outlets republished the same initial feed from chain-security groups, and no public identity for the actor has emerged. Numbers vary slightly across trackers, which is common when tokens are wrapped, rebranded, or shown differently by different explorers.
Security analysts point to broader figures showing over $1 billion in losses tied to private-key and credential-based incidents in recent years, underlining how common and costly these events remain.
Featured image from Bleeping Computer, chart from TradingView
![]()
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Over $9 billion lost in 4 months! Bitcoin and Ethereum ETF face the "longest bleeding" in history
The US Bitcoin and Ethereum spot ETFs are experiencing a massive capital exodus, with four consecutive months of net outflows totaling over $9 billion. The Bitcoin spot ETF has seen outflows of $6.39 billion, while the Ethereum ETF has seen outflows of $2.76 billion, indicating that institutional investors have lost interest in cryptocurrencies, leading to a continuous decline in prices. The market in early 2024 was once prosperous due to the launch of ETFs and Trump's election, but now it has entered a winter season.
区块客55m ago
Data: If ETH breaks through $2,048, the total liquidation strength of mainstream CEX short positions will reach $869 million.
ChainCatcher Message: According to Coinglass data, if ETH breaks through $2,048, the total liquidation strength of mainstream CEX short positions will reach $869 million. Conversely, if ETH drops below $1,855, the total liquidation strength of mainstream CEX long positions will reach $632 million.
GateNews1h ago
Block Street releases BSB tokenomics: total supply of 1 billion tokens, initial circulation of 20.775%
Block Street has released the BSB tokenomics, with a total supply of 1 billion tokens and an initial circulation of 20.775%. The token distribution includes allocations for community incentives, ecosystem partners, trading platforms, and other areas.
GateNews1h ago
BitMart Market Report: Altcoin Activity Shows Clear Segmentation, Mainstream Assets Still Dominate Overall Volatility
Odaily Planet Daily reported that according to BitMart's March 2 market analysis, the total market capitalization of the crypto market is approximately $2.82 trillion, with a 24-hour change of about -1.78%, and the market trading volume is around $133.7 billion. Structurally, Bitcoin's market share is about 58.7%, and Ethereum's market share is about 8.8%. Mainstream assets still dominate overall fluctuations; altcoins show significant activity divergence, and short-term trading sentiment has cooled compared to the previous day. The current market is more influenced by macro expectations and capital flows. It is recommended to pay attention to position management and liquidity changes.
GateNews2h ago
Bitcoin and Ethereum ETFs have seen over $9 billion outflow in four months! Institutional funds are withdrawing, shaking confidence in the crypto market?
Recently, over $9 billion has flowed out of U.S. spot Bitcoin and Ethereum ETFs, setting a record. The withdrawal of institutional investors indicates increasing market caution, while the prices of Bitcoin and Ethereum have experienced significant pullbacks. This trend shows that ETF capital flows are an important indicator of institutional sentiment. To achieve a price rebound, stable capital inflows are still needed.
GateNews2h ago
Ethereum (ETH) has declined for six consecutive months, setting a recent record. Can the key support level of $1900 hold?
Ethereum (ETH) has been declining for six consecutive months recently, with prices affected by multiple market pressures such as whale fund dispersion, derivatives market sell-offs, and macroeconomic uncertainties. On the technical side, ETH is in a recovery phase, with a key resistance at $2,000 and support at $1,880. Vitalik Buterin stated that AI tools are expected to accelerate Ethereum development and enhance security. Some institutions remain optimistic about ETH's long-term price prospects, with Standard Chartered predicting it could reach $7,500, while VanEck is bullish and expects it to hit $10,000.
GateNews2h ago
