EU-Based Financial Institution Hit by $133 Million Crypto Hack, Analyst Claims

A European financial institution may also have fallen victim to a crypto hack as large-scale digital-asset thefts continue to mount.

Cointelegraph reported on November 3 that on-chain analyst ZachXBT claimed a financial institution based in the European Union suffered a crypto hack, with estimated losses of $133 million.

ZachXBT wrote that a large financial institution in Western Europe had been hacked and was believed to be covering up the incident. He added that more than $30 million had been laundered because no proper disclosure of the breach was made.

Blockchain analytics firm Bitquery said about $62.98 million worth of stablecoins from the suspected stolen funds was converted into 27,553 Ether in about four hours. It also found that about $30.5 million had left the hacker's wallet.

ZachXBT said the hacker was converting the stolen funds into Ether and Monero, and that the laundering method differed from the playbook typically associated with Lazarus, the North Korean hacking group.

So far, however, the identity of the institution, whether a hack actually occurred, and the alleged cover-up have not been officially confirmed.