French financial institution Crédit Mutuel Arkéa has acknowledged that a digital security breach facilitated unauthorized transfers from its accounts, which were subsequently exchanged into crypto through dedicated services.
In a statement published on Wednesday, the institution stated that customer funds remained untouched and the security breach has been successfully neutralized.
“As soon as this breach was detected, our staff promptly deployed the required protective protocols to quarantine the event and block any further unauthorized transactions targeting Crédit Mutuel Arkéa,” the lender stated.
“We want to put all our clients at ease: this occurrence has not affected their holdings in any way,” the institution continued. “It merely resulted in a postponement of processing for certain wire transfers.”
ZachXBT’s report
Blockchain investigator ZachXBT, who initially brought the hack to light on November 2, calculated the damages at in excess of $133 million. He pointed out that this number might climb higher, because the breach transpired across multiple days and could have encompassed supplementary over-the-counter trades.
Although Crédit Mutuel Arkéa refrained from verifying the precise value of the losses, it acknowledged the general scale. The financial institution noted that a portion of the pilfered capital has been frozen.
“Even though providing a definitive total at this stage remains premature, we are already able to affirm that the sums concerned cannot possibly threaten the financial stability and integrity of Crédit Mutuel Arkéa,” the lender noted.
ZachXBT earlier disclosed that the perpetrator had been transferring the stolen capital through a sequence of operations, which involved trading USDC for ETH, channeling funds via rapid exchange services like WellWallet and Kyrrex, swapping assets for XMR using Wagyu, and transferring value across various blockchains.
He additionally mentioned possessing a “strong certainty” that the culprit had no ties to the North Korean Lazarus Group.
The institution employs a workforce exceeding 12,000 and serves over 5.8 million members and clients. Its stated aggregate assets stand at €211.5 billion ($238.1 billion), as outlined in the release.
Originally published at https://www.theblock.co/news/business/2026-11-04-french-bank-confirms-cyberattack-434372.
