ZachXBT Raises Suspected European Crypto Theft Estimate to…
By Abdelaziz Fathi
AI summary of the source article
Blockchain investigator ZachXBT increased his estimated theft from an unidentified European entity to over $133 million. Separately, Bitquery traced $108.8 million in USDC withdrawn from Kraken, Crypto.com, and OKX across November 1 and 2.
Why it matters
The text notes: "Recovery depends increasingly on coordination speed. Stablecoin issuers may control a freeze function, but that protection becomes substantially less useful once stolen assets are converted, bridged or deposited into services that require separate intervention."
Key facts
- ZachXBT raised his theft estimate to over $133 million after identifying an additional $27 million in exchange withdrawals.
- Bitquery independently traced $108.8 million in USDC leaving accounts at Kraken, Crypto.com, and OKX over roughly 21 hours.
- Within four hours, $62.98 million in stablecoins was converted into 27,553 ETH via UniswapX, leaving only about $3.74 million in directly freezable USDC.
Source excerpt · FinanceFeeds
Blockchain investigator ZachXBT has raised his estimate of a suspected theft from an unidentified European entity to more than $133 million after identifying another $27 million in withdrawals from centralized exchanges, adding a new layer to an incident that remains largely unexplained. The revised estimate follows ZachXBT's initial disclosure on November 2 that more than $106 million had been wi…