Onchain detective ZachXBT has pointed to French cooperative bank Crédit Mutuel Arkéa as the purported target of a breach totaling upwards of $133 million.
ZachXBT initially reported on November 2 that an undisclosed European Union organization had suffered losses exceeding $106 million across several centralized exchange accounts a day prior, with the assets pulled out as USDC and USDT.
One day later, he bumped the estimated theft figure past $133 million following the tracking of an extra $27 million in outflows, a portion of which took place subsequent to his first announcement. He proposed that a major Western European financial entity had suffered a security breach that was actively being concealed.
During the evening of November 3, he announced that the organization in question is supposedly Crédit Mutuel Arkéa, a French financial institution holding roughly $235 billion in assets. He pointed out that the breach played out over several days and hinted that total damages might climb higher once potential over-the-counter transactions are factored in.
“Over the past 24 hours the illicit actor has been aggressively swapping USDC for ETH, transferring to instant exchanges (WellWallet, Kyrrex, etc), converting to XMR via Wagyu, and bridging across multiple chains,” ZachXBT wrote in his November 2 message in his Telegram group, adding that he has a “high degree of confidence” that the attacker is not associated with North Korea’s Lazarus Group.
He expressed disapproval toward the organization for purportedly permitting more than $30 million to be washed, observing that timely reporting of the security incident to EU law enforcement could have frozen the funds.
Crédit Mutuel Arkéa has not released any official communication validating or refuting the event. The Block has contacted the financial institution but has received no response. These assertions continue to rely on ZachXBT’s personal investigation and have not received independent confirmation from either the institution or official regulators.
The bank serves greater than 5.6 million clients, holding cumulative assets of 211.5 billion euros (roughly $237 billion).
Originally published at https://www.theblock.co/news/web3/2026-11-03-french-bank-credit-mutuel-arkea-exploited-zachxbt-432607.
