Blockchain investigator ZachXBT tracks $133M in suspected crypto theft

The investigation, which initially pegged losses at $106 million, surged after ZachXBT uncovered an additional $27 million in unauthorized withdrawals from centralized exchanges. The perpetrator reportedly utilized a complex web of Ethereum transactions, instant cryptocurrency exchanges, and Monero to obscure the trail. According to the investigator, more than $30 million of the stolen assets have already been laundered through these channels, funds he suggests could have been intercepted had the victimized organization disclosed the incident promptly.

ZachXBT has dismissed speculation regarding the involvement of the North Korean Lazarus Group, pointing instead to evidence suggesting a French-speaking actor with ties to various cybercrime forums. The attacker’s methodology involves swapping stablecoins like USDC and USDT for Ethereum before routing them through services such as WellWallet and Kyrrex. By bridging assets across multiple blockchain networks, the actor has successfully avoided keeping funds on a single, traceable chain. This incident adds to a growing list of high-profile investigations led by ZachXBT, who previously assisted in freezing $72 million in USDT linked to separate illicit activities.