ZachXBT names French bank Crédit Mutuel Arkéa in alleged $133M crypto theft
Author: Crypffalo Research · 12:53 04/11/2026
On-chain sleuth ZachXBT says the EU institution that lost over $133 million from exchange accounts is French bank Crédit Mutuel Arkéa. The bank has not confirmed; part of the funds moved into ETH and Monero.
On-chain investigator ZachXBT says the European institution that lost more than $133 million from several centralized exchange accounts is Crédit Mutuel Arkéa, a French banking group. He named the bank in a Telegram post on the evening of Nov 3 ET.
His loss estimate has climbed from over $106 million in the first report on Nov 2 to above $133 million. As of writing, Crédit Mutuel Arkéa has neither confirmed nor denied the incident, and the claims have not been independently verified.
Key takeaways
- Named victim: Crédit Mutuel Arkéa, a French bank ZachXBT puts at roughly $235 billion in assets.
- Losses: More than $133 million, about $27 million above the initial $106 million estimate.
- Method: USDC and USDT were pulled from multiple centralized exchange accounts, then swapped into ETH and Monero (XMR).
- Attribution: ZachXBT has a high degree of confidence the attacker is not North Korea's Lazarus Group.
- Status: The bank has been silent, while Kraken and Crypto.com say they restricted linked accounts.
From an unnamed EU entity to a French bank
On Nov 2, ZachXBT first flagged that an EU institution had lost over $106 million from exchange accounts the previous day. He did not name it at the time, but suggested a large Western European financial institution had been hit and was keeping quiet.
On Nov 3, he traced roughly $27 million in additional withdrawals, some made after his first alert. Later that evening ET, he named Crédit Mutuel Arkéa.
- Nov 2: Alert on more than $106 million withdrawn from an EU entity's exchange accounts.
- Nov 3: Total estimate raised to above $133 million.
- Nov 3 evening (ET): ZachXBT names Crédit Mutuel Arkéa as the suspected victim.
According to The Block, Crédit Mutuel Arkéa serves more than 5.6 million customers and holds about €211.5 billion in total assets. ZachXBT added that the real figure is likely higher once OTC activity is counted.
Where the money went
ZachXBT said the attacker aggressively swapped USDC for ETH, routed funds through instant exchanges such as WellWallet and Kyrrex, and converted to Monero via Wagyu. Funds were also bridged across multiple chains to blur the trail.
Cointelegraph, citing Bitquery data, reported the withdrawals came from accounts at Kraken, Crypto.com and OKX. About $63 million in stablecoins was converted into ETH within four hours.
ZachXBT criticized the institution for letting more than $30 million get laundered. In his view, prompt disclosure to EU law enforcement could have helped freeze those funds.
What it means for crypto markets
The incident has not moved prices in a visible way, as it is far smaller than the $6.3 billion Binance hack in late October. Still, it lands while sentiment is fragile, with Bitcoin briefly slipping to around $75,700 after the US midterm results.
- Bull case: Exchanges coordinate fast freezes and recover most unlaundered funds, reinforcing confidence that major venues' compliance tools work.
- Risk case: If the bank confirms and losses keep rising, European regulators could tighten how traditional banks engage with crypto under MiCA.
This is the second incident involving a large financial institution in a matter of days, after Binance. Security worries around both crypto venues and traditional players are back in focus.
What to watch next
- An official statement from Crédit Mutuel Arkéa and French regulators.
- How much Kraken, Crypto.com, OKX and others manage to freeze.
- Further updates from ZachXBT on total losses and how the attacker got in.
- Price action and liquidations on our real-time liquidations page and economic calendar.
Frequently Asked Questions
Has Crédit Mutuel Arkéa confirmed the attack?
No. The bank has not issued any statement, and the claims rest on ZachXBT's on-chain analysis.
Is this linked to the Binance hack?
There is no sign of a link so far. ZachXBT is confident the attacker is not Lazarus, the group the FBI tied to the Binance breach.
Are retail users affected?
The funds came from the institution's own exchange accounts, and there are no reports of individual customer losses. Kraken and Crypto.com say their platforms remain secure.
*This content is for information only and is not financial advice.*
Tags: ZachXBT, Hack, Banking, France, Security
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