The suspected theft involving a European entity tracked by ZachXBT just got bigger: on Tuesday, he found another roughly $27 million in unusual withdrawals from centralized exchanges, raising the estimated total from about $106 million on Monday to over $133 million—and the most troubling detail is that some withdrawals took place after his initial public disclosure.
Let’s separate facts from speculation. The facts: this is still based on ZachXBT’s on-chain tracking, and neither the victim nor any institution or exchange has come forward to confirm its identity. His working theory is that “a large Western European financial institution was exploited and the incident is being covered up,” but the original Cointelegraph article explicitly says neither point has been verified. Don’t repeat them as confirmed facts.
The on-chain trail is getting more specific: funds were first withdrawn from exchange accounts as USDC and USDT, converted into $ETH , then routed through instant exchanges and cross-chain bridges into $XMR . Bitquery’s tally shows that roughly $62.98 million in stablecoins was converted into 27,553 ETH in about 4 hours. As of Monday at 13:47 UTC, roughly $78.3 million remained in associated wallets, $30.5 million had already been moved out, and only about $3.74 million in USDC could theoretically still be frozen by Circle. ZachXBT alleges that the delayed disclosure allowed more than $30 million to be laundered before law enforcement could freeze it. He also specifically ruled out one possibility: this laundering method doesn’t resemble North Korea’s Lazarus Group’s approach.
My take in one sentence: the jump from $106 million to $133 million isn’t the scary part; the scary part is that “withdrawals continued after disclosure.” That suggests either the channel hasn’t been fully shut down, or the victim’s internal response is far slower than the on-chain transfers—a more unsettling prospect than the theft itself when it comes to centralized exchanges’ risk-control claims.
A quick note on market conditions: cross-checked against two sources before publication, BTC was around $76,556 (24h -2.17%), and $ETH was around $2,252 (24h -1.93%). The market was already weak, and an incident like this is likely to make investors more cautious; it is not a reason to buy or sell any asset.
Risk warning: All key figures in this post come from ZachXBT’s tracking and reports by Cointelegraph and KuCoin; they have not been confirmed by the victim or any exchange. The movement of stolen funds does not mean the fundamentals of the relevant assets have changed. Don’t trade based on this.
Do you think the victim’s continued silence is more likely because it hasn’t confirmed the losses yet, or because speaking out could trigger a chain reaction?
$ETH $XMR #ZachXBT #安全事件 #EU
Let’s separate facts from speculation. The facts: this is still based on ZachXBT’s on-chain tracking, and neither the victim nor any institution or exchange has come forward to confirm its identity. His working theory is that “a large Western European financial institution was exploited and the incident is being covered up,” but the original Cointelegraph article explicitly says neither point has been verified. Don’t repeat them as confirmed facts.
The on-chain trail is getting more specific: funds were first withdrawn from exchange accounts as USDC and USDT, converted into $ETH , then routed through instant exchanges and cross-chain bridges into $XMR . Bitquery’s tally shows that roughly $62.98 million in stablecoins was converted into 27,553 ETH in about 4 hours. As of Monday at 13:47 UTC, roughly $78.3 million remained in associated wallets, $30.5 million had already been moved out, and only about $3.74 million in USDC could theoretically still be frozen by Circle. ZachXBT alleges that the delayed disclosure allowed more than $30 million to be laundered before law enforcement could freeze it. He also specifically ruled out one possibility: this laundering method doesn’t resemble North Korea’s Lazarus Group’s approach.
My take in one sentence: the jump from $106 million to $133 million isn’t the scary part; the scary part is that “withdrawals continued after disclosure.” That suggests either the channel hasn’t been fully shut down, or the victim’s internal response is far slower than the on-chain transfers—a more unsettling prospect than the theft itself when it comes to centralized exchanges’ risk-control claims.
A quick note on market conditions: cross-checked against two sources before publication, BTC was around $76,556 (24h -2.17%), and $ETH was around $2,252 (24h -1.93%). The market was already weak, and an incident like this is likely to make investors more cautious; it is not a reason to buy or sell any asset.
Risk warning: All key figures in this post come from ZachXBT’s tracking and reports by Cointelegraph and KuCoin; they have not been confirmed by the victim or any exchange. The movement of stolen funds does not mean the fundamentals of the relevant assets have changed. Don’t trade based on this.
Do you think the victim’s continued silence is more likely because it hasn’t confirmed the losses yet, or because speaking out could trigger a chain reaction?
$ETH $XMR #ZachXBT #安全事件 #EU
