Blockchain investigator ZachXBT has raised his estimate of a suspected crypto theft from an unidentified European Union entity to more than $133 million.

On Tuesday, ZachXBT said he identified another $27 million in withdrawals from centralized exchanges, increasing the suspected losses from the $106 million he initially reported on Monday. He said some withdrawals occurred after his primary disclosure.

“My working theory is a large financial institution in Western Europe was exploited and it’s currently being covered up,” ZachXBT said Tuesday on his Telegram channel.

He also said that the lack of a proper incident disclosure allowed more than $30 million to be laundered, claiming EU law enforcement could otherwise have frozen the…