French Bank Credit Mutuel Arkea Hit by Massive Cyberattack

French bank Credit Mutuel Arkea has confirmed a cyberattack on its operations. Criminals leveraged the infrastructure of a third-party service provider to gain access to the financial institution's systems.

The breach enabled fraudulent transfers directly from the bank's own accounts. On-chain investigator ZachXBT estimates that the stolen amount exceeds $133 million. While the bank has not confirmed the exact figure, it acknowledged that the scale of the loss is accurate.

The institution stated that customer assets were not affected by the incident. Operations were temporarily suspended as a precautionary measure to contain the threat. The bank declared that the attack was sophisticated and did not result from human error.

Authorities have already frozen a portion of the funds involved in the crime. Credit Mutuel Arkea emphasized that the losses do not threaten the organization's financial stability. Efforts to recover the remaining funds are ongoing.

According to the investigator, the stolen funds were converted into cryptocurrencies such as USDC and USDT before being swapped for ether. The assets were moved across various blockchain networks to complicate tracking efforts.