ZachXBT Names French Bank Crédit Mutuel Arkéa in Alleged $133 Million Crypto Theft

Blockchain investigator ZachXBT identified French banking group Crédit Mutuel Arkéa on November 4 as the alleged victim of a cryptocurrency theft exceeding $133 million. The investigator claimed attackers exploited the institution over several days and warned that actual losses could be higher. He suggested additional funds may have disappeared through over-the-counter transactions. However, the bank has not confirmed the alleged breach, and investigators have not established how the attackers accessed the assets.

The investigation began on November 2, when ZachXBT flagged more than $106 million in suspicious withdrawals from centralized cryptocurrency exchanges. On November 3, he identified another $27 million in transactions, raising estimated losses above $133 million. Blockchain analytics firm Bitquery traced withdrawals involving Kraken, Crypto.com and OKX. Its analysis found that attackers converted approximately $63 million in stablecoins into Ether within four hours.

Meanwhile, Kraken and Crypto.com confirmed restrictions on accounts or funds connected to the suspected theft. Both exchanges maintained that their platforms remained secure. Crédit Mutuel Arkéa has not publicly verified its involvement, leaving the reported losses and potential additional exposure unconfirmed.