French bank Credit Mutuel Arkea confirmed Wednesday that a cyberattack enabled hackers to execute fraudulent transfers directly from the institution’s own account. While on-chain investigator ZachXBT estimated the theft at over $133 million, the bank has not confirmed that specific total.
The Brittany-based financial institution stated that the situation is under control, operations are returning to normal, and client assets remained untouched. Certain transactions were temporarily halted as a preventive measure.
“This incident has had no impact on (customer) assets and has only caused a delay in the execution of certain transfers,” the bank announced via its website, according to a translation published by Reuters.
In a follow-up question-and-answer document, Credit Mutuel Arkea explained that the perpetrators bypassed a service provider’s platform to access the bank directly. The attackers utilized the bank’s internal account to send transfers to outside financial institutions, which potentially enabled them to convert the funds into cryptocurrency via specialized platforms, according to the lender.
The bank confirmed that no customer accounts across its federations or subsidiaries were accessed. Dismissing French media reports suggesting the breach originated through Fortuneo, its digital banking division, Credit Mutuel Arkea described the incident as “a sophisticated attack from the outside” rather than a consequence of human error.
The size of the Credit Mutuel Arkea hack
The institution has not yet disclosed a final financial total. When asked if 118 million euros—equivalent to $133 million—had been stolen, representatives stated they could not confirm the exact figure, noting only that they can “validate the order of magnitude.”
The lender noted that a portion of the targeted funds has been successfully frozen, and additional measures are underway to recover the rest. It added that the losses are “absolutely not” large enough to jeopardize its financial stability or overall health.
AFP reported that the bank estimated the breach at roughly 100 million euros provisionally. Earlier on Wednesday, Reuters indicated the bank viewed its losses as lower than $133 million. A spokesperson told the wire service, “It is still too early to give a final figure.”
What ZachXBT reported
ZachXBT initially brought attention to the breach on Monday without identifying the affected organization. On his Telegram channel, he reported that an entity in the European Union was believed to have lost more than $106 million on November 1 across multiple centralized exchange accounts, with funds extracted as USDC and USDT. He stated that these assets were subsequently swapped for ether and transferred across various blockchains.
In a subsequent update, the investigator noted he identified an additional $27 million or more in exchange withdrawals, pushing the cumulative total past $133 million. A later publication identified Credit Mutuel Arkea as the impacted party. He stated that the breach “occurred for multiple days” and expressed suspicion that the true stolen amount is even higher once over-the-counter transactions are factored in.
The bank has neither verified his timeline nor confirmed his financial estimates. Furthermore, management has not disclosed when the breach began, who executed it, or whether data was compromised. Credit Mutuel Arkea is collaborating with police and judicial authorities to trace the attack’s origin and methodology, confirming that supervisory bodies were notified immediately upon discovery.
Additionally, the lender cautioned its customers to remain vigilant regarding potential phishing scams stemming from the Credit Mutuel Arkea hack.
As part of the broader Credit Mutuel organization, Credit Mutuel Arkea encompasses the Credit Mutuel federations of Brittany and the Southwest. Reuters reported that the group serves 5.8 million clients and manages 211.5 billion euros, or approximately $238 billion, in assets. AFP noted that the bank generated a net profit of 230 million euros during the first half of the year.
The Credit Mutuel Arkea hack transpires less than a week after a record-breaking $6.34 billion Binance security breach, which blockchain analytics organizations have attributed to North Korea. In his initial statement, ZachXBT expressed high confidence that this current incident was unrelated to North Korea’s Lazarus Group. Concurrently, Brazil-based Mercado Bitcoin suspended deposits and withdrawals this week following its own security event.
The ultimate recovery amount and the final financial toll stemming from the Credit Mutuel Arkea hack remain undetermined.
FAQ
Were customer accounts affected by the Credit Mutuel Arkea cyberattack?
No, the bank confirmed that customer assets and accounts across its federations and subsidiaries were not impacted.
How much money was stolen in the hack?
While on-chain investigator ZachXBT estimates the losses exceed $133 million, Credit Mutuel Arkea has not confirmed the exact figure, only validating the order of magnitude.
Was the attack linked to North Korea’s Lazarus Group?
No, investigator ZachXBT stated he was highly confident this incident was not connected to North Korea.
How did the hackers access the bank?
The attackers bypassed a service provider’s platform to reach the bank directly, utilizing the institution’s own account to initiate fraudulent transfers.
