ZachXBT names French bank Crédit Mutuel Arkéa as suspected victim of $133 million crypto theft
French bank Crédit Mutuel Arkéa has confirmed it was the victim of a $133 million cryptocurrency theft. The bank is currently working with authorities and has blocked some transactions to prevent further losses, though it claims client funds remain protected.
Why it matters
This incident highlights the significant security risks traditional financial institutions face as they integrate cryptocurrency services into their portfolios.
ZachXBT first reported the theft on Monday , putting losses at more than $106 million. He later found another $27 million in withdrawals from centralized crypto exchanges — raising the total to more than $133 million — and stating the amount stolen could be higher once over-the-counter (OTC) trades are included.
Crédit Mutuel Arkéa confirmed the attack to CoinDesk on Wednesday, saying it had enabled fraudulent transactions but was now under control. The bank, which has over $250 billion in assets under management, did not disclose the amount stolen or whether the funds were originally held in traditional currency or cryptocurrency.
“This incident has no financial consequences for [our clients]. Their interests are fully protected,” a spokesperson said. The bank said it had temporarily suspended some transactions to prevent further losses and notified the relevant authorities. It is still assessing the attack’s consequences.
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