ZachXBT Identifies Crédit Mutuel Arkéa in Alleged $133 Million Crypto Hack

Blockchain investigator ZachXBT has identified French banking group Crédit Mutuel Arkéa as the suspected victim of a cryptocurrency theft exceeding $133 million. The allegation follows an investigation into suspicious withdrawals from multiple centralized cryptocurrency exchanges.

The French bank has not publicly confirmed its involvement or acknowledged any financial losses. Consequently, the alleged breach, the amount stolen, and the institution’s connection to the transactions remain unverified.

ZachXBT Links French Bank to Suspected Crypto Theft

On November 4, ZachXBT reportedly identified Crédit Mutuel Arkéa as the institution potentially affected by the suspicious transactions. The banking group holds approximately $235 billion in assets, making the allegation significant for the traditional financial sector.

The investigation began on November 2, when ZachXBT flagged more than $106 million in suspicious cryptocurrency withdrawals. The transactions reportedly originated from exchange accounts associated with an unidentified European Union entity.

On November 3, the investigator discovered another $27 million in withdrawals linked to the same suspected attacker. This raised the estimated value of the alleged theft above $133 million.

ZachXBT also suggested that a major Western European financial institution might have failed to disclose the incident. However, no independent evidence has established that the bank deliberately concealed a security breach.

Stolen Cryptocurrency Allegedly Moved Through Ethereum and Monero

Blockchain transaction analysis indicates that the suspected attacker initially withdrew funds in USDC and USDT stablecoins. The assets subsequently moved through Ethereum, instant cryptocurrency exchanges, and cross-chain bridges.

Investigators also identified transactions involving Monero, a privacy-focused cryptocurrency that obscures transaction details. Such transfers can make it considerably harder for authorities to trace assets and recover stolen funds.

ZachXBT claimed that delayed disclosure allowed more than $30 million to move beyond potential recovery measures. He suggested that European law enforcement authorities might have frozen some assets if they had received earlier notification.

Meanwhile, the investigator said the transaction patterns appeared inconsistent with those typically associated with North Korea’s Lazarus Group. The identity of the suspected attacker remains unknown.

Bank Confirmation Remains Critical

The allegations raise questions about cryptocurrency custody, institutional security, and incident reporting within Europe’s financial industry. However, suspicious blockchain transactions alone cannot establish that a particular bank suffered a confirmed financial loss.

Authorities have not publicly verified the alleged theft or identified how the suspected attacker accessed the exchange accounts. Further confirmation from Crédit Mutuel Arkéa, cryptocurrency exchanges, or regulators will be essential to determine the incident’s actual scope.