French bank Crédit Mutuel Arkéa allegedly targeted in $133M crypto theft

Crédit Mutuel Arkéa, one of France’s major banking groups with more than $235 billion in total assets, is allegedly the institution targeted in a crypto theft exceeding $133 million.

The bank has not confirmed anything. As of November 4, it had issued no official statement about the incident.

How the numbers grew

Blockchain investigator ZachXBT named the institution in a new disclosure, saying the attack spanned multiple days and that the reported losses may understate the total because they do not account for possible over-the-counter activity.

The incident first came to light on Monday, when ZachXBT reported that an unidentified European entity had allegedly lost more than $106 million through withdrawals from centralized exchange accounts on Nov. 1.

The suspected attacker moved funds in USDC and USDT, converted them into ETH and routed transactions through instant exchanges such as WellWallet and Kyrrex. Funds were subsequently swapped into Monero through Wagyu and transferred across multiple blockchains using bridges.

The estimated losses later rose to above $133 million earlier today after ZachXBT identified another $27 million in exchange withdrawals.

Kraken restricted the accounts associated with the incident and said its own systems and customer accounts were not compromised. Crypto.com also took steps to block related funds, while OKX began reviewing the allegations.