Blockchain investigator ZachXBT raised the suspected loss to $133 million after spotting another $27 million in withdrawals from centralized exchanges, up from the $106 million he flagged on Monday. The victim, an unidentified European Union entity, has not been publicly named.

Kraken said the incident did not originate on its platform, but some of the assets were moved through accounts it has now restricted. The exchange is working with law enforcement on recovery and said no customer accounts were taken over. Crypto.com blocked funds linked to the incident, while OKX is looking into the matter.

$62.98M in stablecoins was converted into 27,553 ETH within about four hours. Only $3.74M remains in USDC that Circle could freeze, and Tether has frozen $1.1M in USDT.

ZachXBT believes a large Western European financial institution was exploited and that the incident is being covered up, a claim that remains unverified. He said the laundering through instant exchanges, bridges and Monero does not match typical Lazarus Group patterns.