Blockchain investigator ZachXBT has raised his estimate of a suspected crypto theft from an unidentified European Union entity to more than $133 million.
On Tuesday, ZachXBT said he identified another $27 million in withdrawals from centralized exchanges, increasing the suspected losses from the $106 million he initially reported on Monday. He said some withdrawals occurred after his primary disclosure.
“My working theory is a large financial institution in Western Europe was exploited and it’s currently being covered up,” ZachXBT said Tuesday on his Telegram channel.
He also said that the lack of a proper incident disclosure allowed more than $30 million to be laundered, claiming EU law enforcement could otherwise have frozen the funds. The victim’s identity and allegations of a cover-up remain unverified.
Bitquery reported that $62.98 million in stablecoins was converted into 27,553 Ether (ETH) within roughly four hours. As…
