USDC
−0.0%Estimated theft from European union entity reaches over 133 million dollars
Image: UnchainedBlockchain investigator ZachXBT increased his estimate of a suspected crypto theft from an unidentified European Union entity to over $133 million. He traced an additional $27 million in exchange withdrawals. He stated that a large financial institution in Western Europe was exploited and that the incident is being covered up. Bitquery reported that $62.98 million in stablecoins was converted into ETH within roughly four hours. Only $3.74 million remained in USDC that issuer Circle could potentially freeze.
Key points
- The investigator identified another $27 million in withdrawals from centralized exchanges following his initial report.
- ZachXBT stated his working theory that a large financial institution in Western Europe was exploited and covered up.
Why it matters
Delayed incident disclosures and quick conversions of stablecoins into ETH and XMR limit the ability of issuers and law enforcement to freeze or recover stolen funds.
What's unclear
The identity of the victimized European Union institution remains unverified by any official confirmation.
The allegations of an institutional cover-up have not been confirmed or denied by any institution, exchange or regulator.
Price context · USDC
At publication
$0.9994
Now
$0.9993
Change since
−0.01%
7 days · dashed line = publication
Sources · 2 publishers
Unchained
Tier 1
ZachXBT Suspects Cover-Up as Tally on Suspected EU Theft Climbs to $133 Million
Coverage timeline
- First reported by Cointelegraph
- Also reported by Unchained
- CryptoVideos brief published
How this page is checked. AI drafted this brief from selected independent reports. Automated checks compare numbers, source coverage and topic terms, but may miss errors. Publication and evidence refreshes run automatically. Read the linked reports for context. Report an error
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