ZachXBT Identifies More Than $27 Million in Suspicious Exchange Withdrawals

Blockchain investigator ZachXBT says his latest review identified more than $27 million in further suspicious withdrawals from centralized crypto exchanges tied to a suspected theft, pushing the amount associated with the case above $133 million.

Some of the withdrawals occurred after ZachXBT first made the investigation public, adding post-disclosure activity to the tally.

He has speculated that the victim may be a large financial institution in Western Europe, but the institution has not been officially identified. ZachXBT also suggested the institution concealed the security incident and criticized its failure to disclose it promptly.

He argues the delay allowed more than $30 million to be moved for laundering and cost European Union law enforcement agencies an opportunity to freeze the funds.

The updated accounting combines the additional withdrawals with earlier activity tied to the suspected incident. The $133 million-plus figure describes funds connected to the case; the actual loss has not been officially confirmed.