ZachXBT names Crédit Mutuel Arkéa in suspected $133 million crypto theft
ZachXBT names French bank as victim of $133 million theft
Blockchain investigator ZachXBT says French banking group Crédit Mutuel Arkéa is the suspected victim of a crypto theft of more than $133 million. He identified the bank in a message on his Telegram channel on Wednesday.
The bank confirmed an attack to CoinDesk. It did not say how much was stolen. It also did not say if the funds started as traditional currency or crypto.
A crypto exchange is a platform where crypto is bought and sold. ZachXBT said the money was taken from exchange accounts.
Key points
- ZachXBT first reported losses of more than $106 million on Monday.
- He later added $27 million in withdrawals, bringing the total to more than $133 million.
- He said the total could be higher when over-the-counter trades are included. Those are large trades done directly between parties, not on an exchange.
- Crédit Mutuel Arkéa confirmed an attack, but did not disclose the amount.
- Crypto.com said it blocked funds linked to the incident. OKX said it froze an institutional account.
What the bank and exchanges said
The bank said it had enabled fraudulent transactions. It said the situation was now under control. It said it temporarily suspended some transactions to prevent further losses.
A bank spokesperson said: “This incident has no financial consequences for [our clients]. Their interests are fully protected.” The bank said it notified the relevant authorities. It said it is still assessing the consequences.
Crypto.com said it blocked funds linked to the incident from moving through its platform. It said all user funds remain secure and accessible.
OKX said it found unusual activity involving an institutional customer account. It said it froze the account and contacted the client. It said there is no indication of a broader impact on other customer accounts.
Kraken did not immediately respond to a request for comment.
What blockchain data shows
Blockchain analytics firm Bitquery traced $108.8 million in USDC withdrawn from accounts at Kraken, Crypto.com and OKX over 21 hours on November 1 and 2. USDC is a stablecoin, a type of crypto designed to keep a value close to $1.
Bitquery said it traced the funds through hundreds of wallets. A wallet is a digital account that holds crypto. It said much of the money was converted into ether. Ether cannot be frozen by a central issuer in the same way, the firm noted.
Bitquery also found a transfer of 396 ETH into a Kraken deposit address. It did not establish if Kraken froze the funds or who controlled the receiving account.
What is confirmed and what is not
Confirmed by the bank: an attack happened, some transactions were temporarily suspended, authorities were notified, and the bank says clients are protected.
Confirmed by Crypto.com and OKX: both took action on accounts linked to the incident.
Not confirmed: the full amount stolen. The bank did not disclose it. Bitquery traced $108.8 million, but it did not verify the full reported loss or identify the victim.
Also unclear: how the attacker accessed the exchange accounts. Investigators have not determined that, according to the summary in the source.
ZachXBT said he has a “high degree of confidence” that North Korea’s Lazarus Group did not carry out the attack. He cited differences in how the stolen funds were moved. That is his assessment, not a confirmed fact.
Why the bank’s crypto plans are part of the story
The bank has over $250 billion in assets under management, according to the source. It has been preparing to enter the crypto business.
In May, French financial newspaper L’Agefi reported that the bank had applied for a licence under the EU’s MiCA rules to offer crypto services to retail customers and other financial institutions.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.