French banking group Crédit Mutuel Arkéa has confirmed a cyberattack involving fraudulent transfers converted into cryptocurrency, following blockchain investigator ZachXBT's identification of suspicious transactions exceeding $133 million. According to the bank’s Wednesday statement, The bank said customer deposits were not affected and that security measures had stopped further unauthorized transfers.
In a statement issued Wednesday, the institution said attackers moved funds from one of its accounts through specialized cryptocurrency platforms. Its security teams responded immediately, while recovery efforts helped block some of the stolen assets. The bank also acknowledged temporary delays affecting certain legitimate customer transfers.
“Our teams immediately activated the necessary security measures,” Crédit Mutuel Arkéa said.
ZachXBT Tracks Suspected $133 Million Crypto Transfers
ZachXBT publicly raised the alarm on November 2 after identifying suspicious cryptocurrency transactions linked to the incident. The investigator estimated that more than $133 million may have been stolen, while warning that the total could increase as additional transactions were identified.
The reported activity unfolded over several days and involved transfers through multiple cryptocurrency services. According to ZachXBT traced transactions involving USD Coin (USDC), which was reportedly exchanged for Ethereum (ETH) before the funds moved through other platforms.
The services identified in the investigation included WellWallet and Kyrrex. Additional transactions reportedly involved converting cryptocurrency into Monero (XMR), a privacy-focused digital asset, through Wagyu. The movement of funds also extended across multiple blockchain networks.
ZachXBT said the activity may have involved further transactions through over-the-counter cryptocurrency trading services. The investigator also expressed high confidence that North Korea's Lazarus Group was not involved in the incident.
Bank Continues Recovery Efforts as Investigation Proceeds
Crédit Mutuel Arkéa has not published a final figure for its financial losses. The bank acknowledged the approximate scale identified by ZachXBT but said investigators were still working to determine the amount involved and recover additional funds with the help of relevant partners.
The institution said the incident would not compromise its financial strength or threaten its overall stability. It also emphasized that customer deposits remained unaffected, despite temporary disruption to some legitimate transfers.
Crédit Mutuel Arkéa serves more than 5.8 million members and customers and employs over 12,000 people. The banking group reports total assets of €211.5 billion.
The investigation remains ongoing as the bank works to establish the final losses and pursue the recovery of funds connected to the fraudulent transfers.
Writer: Marcus Renfield Crypto Market Analyst & Onchain Writer
Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.
He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.
