TLDR
- Onchain investigator ZachXBT named Crédit Mutuel Arkéa as the alleged victim of a crypto theft above $133 million.
- He said total losses could be higher because of over-the-counter activity not counted in earlier estimates.
- Kraken and Crypto.com said they restricted accounts or blocked funds tied to the suspected theft.
- ZachXBT has a “high degree of confidence” the attacker is not linked to North Korea’s Lazarus Group.
- The bank has not confirmed or denied the incident, and the claims are not independently verified.
Onchain investigator ZachXBT has named French banking group Crédit Mutuel Arkéa as the alleged victim of a crypto theft worth more than $133 million. He made the claim on Wednesday and said the real total could be higher. The bank has not confirmed any involvement.
ZachXBT: French Bank Crédit Mutuel Arkéa Allegedly Lost Over $133M in Crypto Theft
On-chain investigator ZachXBT disclosed on November 4 that the financial institution allegedly affected by a crypto theft exceeding $133 million is Crédit Mutuel Arkéa, a French banking group with… pic.twitter.com/izMFYbhtey
— Wu Blockchain (@WuBlockchain) November 4, 2026
ZachXBT described the bank as a cooperative lender with about $235 billion in assets. Other reports put its assets at 211.5 billion euros, or about $237 billion. The bank has more than 5.6 million customers.
He said the attack happened over multiple days. He also said losses may be larger once over-the-counter transactions are counted. “I suspect the amount stolen is larger when accounting for OTC activity,” he said.
How the Reports Unfolded
ZachXBT first posted about the case on Nov. 2. He said an unnamed European Union entity had lost over $106 million from several centralized exchange accounts the day before. The funds were withdrawn as USDC and USDT stablecoins.
A day later, he raised the total to more than $133 million. He had traced another $27 million in withdrawals. Some of those happened after his first warning.
At that point, he guessed that a large financial institution in Western Europe had been hit. He also said the incident was being covered up. On the evening of Nov. 3, he named Crédit Mutuel Arkéa.
ZachXBT has not said how the attackers got access to the funds. The bank’s alleged role has not been verified by the bank or by authorities. His claims rest on his own analysis.
What Happened to the Funds
ZachXBT wrote that the attacker moved fast over the first 24 hours. The person swapped USDC for ETH and sent funds to instant exchanges, including WellWallet and Kyrrex. The funds were then converted to Monero through a service called Wagyu and bridged across several blockchains.
Blockchain analytics firm Bitquery traced withdrawals from accounts at Kraken, Crypto.com and OKX. It found that about $63 million in stablecoins was converted into Ether within four hours.
Kraken and Crypto.com later told Cointelegraph they had restricted accounts or blocked funds tied to the suspected theft. Both said their own platforms remained secure.
ZachXBT said he has a “high degree of confidence” that the attacker is not tied to North Korea’s Lazarus Group. That group has been linked to other large crypto thefts.
He also criticized the institution for allegedly letting more than $30 million be laundered. He said proper disclosure to EU law enforcement could have frozen the funds.
Cointelegraph and The Block both contacted Crédit Mutuel Arkéa for comment. Neither outlet had received a reply by publication. The bank has not issued any public statement confirming or denying the incident.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
