On Tuesday, ZachXBT reported that he had identified a further $27 million in withdrawals from centralised exchanges, bringing the estimated losses up from the $106 million he had initially reported on Monday. He said that some of the withdrawals had taken place after his initial disclosure, according to cointelegraph.com.
“My working theory is that a major financial institution in Western Europe has been attacked, and they are now trying to cover it up,” ZachXBT said on Tuesday via his Telegram channel.
He also claimed that the lack of proper disclosure regarding the incident had allowed more than $30 million to be laundered, arguing that otherwise EU law enforcement agencies could have frozen the funds. The identity of the victim and the allegations of a cover-up remain unverified.
Bitquery reported that $62.98 million in stablecoins were converted into 27,553 Ether (ETH) in approximately four hours. As of 13:47 UTC on Monday, around $78.3 million remained in wallets linked to the alleged perpetrator, whilst $30.5 million had been withdrawn from traceable addresses.
According to Bitquery, only $3.74 million remained in USDC, which the issuer, Circle, could potentially freeze.
Earlier, ZachXBT reported that the attacker had exchanged funds for ETH and Monero (XMR) via instant exchange services and cross-chain bridges. He added that the money-laundering schemes did not match those typically used by the North Korean Lazarus Group.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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