A major theft of stablecoins in the cryptocurrency space occurred on October 10, 2025, when an attacker drained one user’s wallet and transferred the proceeds to… Ethereum. According to reports, the loss amounts to about $21 million. This event brought new attention to how one leaked secret can wipe out millions.
Stablecoin: main details of the heist
According to chain trackers and security feeds, the affected address appearing on explorers as 0x0cdC…E955 lost approximately $21 million worth of stablecoins. Reports place around 17.75 million DAI among the stolen assets and around 3.11 million of the second stable token which some trackers list as MSYRUPUSDP.
Security companies, including PeckShield, have referred to the incident as a private key leak, meaning the attacker gained direct control of the wallet’s signing key and moved funds without breaking the platform’s code.
#PeckShieldAlert Victim 0x0cdC…E955 lost approximately $21 million worth of cryptocurrencies #Excess fluid Due to private key leakage.
The pirates credited the stolen money to… #Ethereumincluding 17.75 million $DAI & 3.11 m $mserobosdb. pic.twitter.com/yZUMM6xL5f
– Peak Shield Alert (@peakShieldAlert) October 10, 2025
How the attack appears to have occurred
Based on reports, this was not a flaw in the smart contract or Bridge bug. The secret key to your stablecoin wallet has been exposed or taken. Once this happens, transfers can be signed and broadcast instantly.
Some of the moves were quick. Transfers of large amounts were routed through one or more cross-chain bridges before arriving at Ethereum, where the funds were transferred across multiple addresses. This routing made tracking more difficult, but chain monitors followed many hops.
As of today, the market cap of cryptocurrencies stood at $3.69 trillion. Chart: TradingView
Where the money traveled
Tracing shows stolen items stablecoins The chains are crossed and then mixed on Ethereum. Observers have noted that token labels in explorers do not always match contract names, which can confuse quick summaries.
Using contract addresses is the only accurate way to keep track of on-chain funds. Reports say the thief used bridges to hide the asset and then moved the assets between a number of addresses, a move that complicates recovery efforts if the funds are not deposited into a central service.
Gaps in the public record
Reports revealed that several outlets reposted the same initial broadcast from the chain security groups, and no public identity of the actor emerged. The numbers vary slightly across trackers, which is common when tokens are packaged, renamed, or displayed differently by different trackers.
Security analysts point to broader numbers showing more than $1 billion in losses linked to private key and credential-based incidents in recent years, underscoring how common these events are and their costs.
Featured image from Bleeping Computer, chart from TradingView
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