TLDR
- Blockchain investigator ZachXBT has identified French financial institution Crédit Mutuel Arkéa as the purported target of a cryptocurrency theft exceeding $133 million.
- The stolen digital assets were withdrawn as USDC and USDT stablecoins from several centralized exchange accounts across multiple days.
- Stolen funds were exchanged for ETH, routed through instant exchange platforms, and ultimately converted into Monero via Wagyu.
- The investigator stated he has strong confidence the perpetrator has no connection to North Korea’s Lazarus Group.
- Crédit Mutuel Arkéa has neither acknowledged nor refuted the allegations, and no independent confirmation exists.
A major French cooperative banking institution has been identified as the purported target of a cryptocurrency heist valued at more than $133 million. Blockchain sleuth ZachXBT disclosed on Nov. 3 that the financial entity in question is Crédit Mutuel Arkéa.
The banking institution has remained silent on the matter, neither confirming nor denying any security breach. These allegations stem from ZachXBT’s independent blockchain analysis and lack verification from either the bank or law enforcement agencies.
ZachXBT has monitored the movement of stolen assets as they were exchanged, bridged across networks, and transformed through various platforms over multiple days. A portion of the proceeds ultimately landed in Monero, a cryptocurrency designed for enhanced privacy.
Initial Discovery and Disclosure Timeline
The investigator’s initial report emerged on Nov. 2, revealing that an unidentified European Union entity had suffered losses exceeding $106 million. The digital assets were extracted from numerous centralized exchange accounts one day earlier.
The withdrawals consisted of two major stablecoins: USDC and USDT. During this initial disclosure, ZachXBT withheld the identity of the affected organization.
Twenty-four hours later, he revised the estimated total upward to more than $133 million. His updated analysis uncovered an additional $27 million in withdrawals, with some transactions occurring after his initial public announcement.
Prior to publicly identifying the institution, he indicated that a significant financial entity based in Western Europe had been compromised. He further suggested the incident was being deliberately concealed.
Later on Nov. 3, he named Crédit Mutuel Arkéa as the alleged victim. He noted that the attack unfolded over several days rather than as a single event.
He also cautioned that actual losses might exceed current estimates. The final tally could increase once potential over-the-counter trading activity is fully accounted for.
Following the Digital Trail
Based on ZachXBT’s analysis, the perpetrator acted swiftly following the theft. His Nov. 2 Telegram update indicated the attacker had been “aggressively swapping USDC for ETH” throughout the preceding 24-hour period.
The stolen assets were subsequently routed to instant exchange services, including WellWallet and Kyrrex. Using these platforms, the attacker transformed the funds into Monero through Wagyu while simultaneously bridging them across various blockchain networks.
Once digital assets are transformed into Monero, tracking becomes significantly more challenging. Cross-chain bridging further complicates the trail by creating additional layers between the original theft and final destination.
The investigator stated he possesses a “high degree of confidence” that the perpetrator operates independently of North Korea’s Lazarus Group. Lazarus represents a North Korean state-sponsored hacking collective frequently associated with major cryptocurrency thefts.
He also criticized the institution for purportedly permitting more than $30 million to be laundered. According to his assessment, proper notification to European Union law enforcement could have resulted in asset freezes.
ZachXBT has previously expressed frustration regarding frozen asset protocols. He has criticized Circle, the company behind USDC, for allegedly responding slowly when freezing tokens connected to criminal activity.
Crédit Mutuel Arkéa serves more than 5.6 million clients. The institution manages total assets worth 211.5 billion euros, approximately $237 billion.
The Block reported contacting the bank without receiving a response. As of this writing, Crédit Mutuel Arkéa has issued no public comment regarding the alleged theft.
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