French Bank Crédit Mutuel Arkéa Suspected Victim of $133 Million Crypto Theft as ZachXBT Traces Additional Funds
Key Takeaways
- •ZachXBT increased his loss estimate for the suspected theft involving a French bank to over $133 million after identifying an additional $27 million in exchange withdrawals.
- •The purported victim is Crédit Mutuel Arkéa, a major banking group in Western Europe, but its identification and the alleged cover-up remain unconfirmed.
- •Analytics firm Bitquery traced approximately $62.98 million in stablecoins being converted into 27,553 Ether within roughly four hours.
- •More than $30 million has reportedly already been laundered through instant exchanges, cross-chain bridges, and Monero, leaving only $3.74 million in USDC that Circle could potentially freeze.
- •Kraken has restricted accounts tied to the suspected theft and is cooperating with law enforcement, while Crypto.com says it blocked associated funds and OKX is investigating.
Blockchain investigator ZachXBT has raised his estimate of a suspected cryptocurrency theft involving a French bank to more than $133 million, after tracing an additional $27 million in withdrawals from exchanges. The revised figure is up from an initial estimate of $106 million reported earlier.
According to the investigator, the victim appears to be Crédit Mutuel Arkéa, a major French banking group in Western Europe, which he said was compromised. However, the institution's identity and allegations of a cover-up remain unverified. The episode highlights the role independent on-chain investigators can play in identifying victims and revising loss estimates as funds move across public blockchains, and how a stablecoin issuer's freeze capability can shape what remains recoverable.
Key Developments
- $133 million-plus suspected stolen — up from the initial estimate of $106 million reported earlier.
- $27 million in additional withdrawals — some transactions occurred after ZachXBT's initial disclosure.
- $62.98 million converted into Ether — blockchain analytics firm Bitquery traced the conversion of stablecoins into 27,553 ETH within roughly four hours.
- Limited recovery prospects — ZachXBT said more than $30 million had already been laundered, while Bitquery reported that only $3.74 million remained in USDC that Circle could potentially freeze.
Exchange Response
Kraken restricted accounts linked to the suspected theft and is working with law enforcement. Crypto.com said it had blocked associated funds, while OKX said it was investigating.
The suspected attacker reportedly moved funds through instant exchanges, cross-chain bridges, and Monero, a privacy-focused cryptocurrency. ZachXBT said the laundering patterns did not match those typically associated with North Korea's Lazarus Group. With more than $30 million already laundered and only $3.74 million in USDC still potentially freezable, the speed of movement through such channels illustrates why recovery prospects are considered limited.
The theft adds to a string of recent crypto security incidents, including the largest crypto hack in history, in which more than $6 billion was stolen from Binance.
What to watch from here: confirmation of the victim institution and the alleged cover-up, whether Circle moves to freeze the remaining $3.74 million in USDC, and the outcomes of OKX's investigation and Kraken's cooperation with law enforcement.
Source: BitcoinKE
