ZachXBT Suspects Cover-Up as Tally on Suspected EU Theft Climbs to $133 Million
By Unchained
AI summary of the source article
Onchain investigator ZachXBT has raised his estimate of a suspected theft from an EU entity to over $133 million after tracing additional exchange withdrawals. He theorized that an exploited Western European financial institution is currently covering up the loss.
Why it matters
Issuers such as Tether and Circle can freeze USDT and USDC held at flagged addresses, and exchanges can hold deposits tied to a theft, but those tools depend on someone raising the alarm while the funds are still within reach.
Key facts
- ZachXBT increased the estimated theft from an EU entity to over $133 million after tracing another $27 million-plus in centralized exchange withdrawals.
- The funds left multiple exchange accounts on Nov. 1 as USDC and USDT before portions were swapped into ETH and Monero.
- ZachXBT stated that a lack of proper incident disclosure allowed more than $30 million to be laundered that EU law enforcement could have frozen.
Source excerpt · Unchained
No institution has come forward, and ZachXBT says funds kept leaving exchanges after his first alert. The post ZachXBT Suspects Cover-Up as Tally on Suspected EU Theft Climbs to $133 Million appeared first on Unchained .