Key Points

• French Banking Group Identified: Blockchain investigator ZachXBT identified Crédit Mutuel Arkéa as the alleged victim of a cryptocurrency theft estimated to exceed $133 million.
• Potentially Higher Losses: ZachXBT suggested that additional funds may have been stolen through over-the-counter transactions not included in the initial estimates.
• Exchanges Restrict Suspected Funds: Kraken and Crypto.com confirmed that they had restricted accounts or blocked funds associated with the suspected theft, while stating that their platforms remained secure.

French banking group Crédit Mutuel Arkéa has been identified by blockchain investigator ZachXBT as the alleged victim of a cryptocurrency theft exceeding $133 million. The disclosure raises questions about the security of financial institutions’ digital asset operations, although the bank has not confirmed its alleged involvement or publicly disclosed any losses.

According to ZachXBT, the suspected exploitation occurred over multiple days and may have involved a larger amount than initially identified. The investigator also warned that over-the-counter (OTC) transactions could have contributed to additional losses that are not reflected in the available estimates.

ZachXBT Identifies Crédit Mutuel Arkéa

In an update published Wednesday, ZachXBT identified Crédit Mutuel Arkéa as the institution allegedly affected by the theft. He described the French banking group as holding approximately $235 billion in assets.

The investigator estimated that the stolen cryptocurrency exceeded $133 million, while cautioning that the actual amount could be higher.

He specifically pointed to potential OTC activity, suggesting that transactions conducted outside conventional centralized exchange channels may not have been fully captured in the initial assessment.

The bank’s alleged involvement has not been independently verified. ZachXBT has also not disclosed the precise method attackers may have used to gain access to the funds.

Crédit Mutuel Arkéa had not responded to requests for comment by the time of publication.

Estimated Losses Increase From $106 Million to $133 Million

The latest disclosure follows ZachXBT’s initial warning on Monday, when he identified more than $106 million in suspicious withdrawals from centralized cryptocurrency exchanges.

On Tuesday, the investigator revised the estimated losses upward by approximately $27 million after identifying additional withdrawals. Some of these transactions reportedly occurred after his initial public warning.

The increase suggests that the suspected movement of funds continued even after the activity attracted attention from blockchain investigators.

However, the available information does not establish the complete transaction history or confirm that every identified withdrawal was directly connected to the alleged theft.

Blockchain Analysis Tracks Stablecoin Conversions

Blockchain analytics firm Bitquery previously traced withdrawals associated with accounts at Kraken, Crypto.com and OKX.

Its analysis found that approximately $63 million in stablecoins had been converted into Ether (ETH) within a four-hour period.

The conversion activity provides an indication of how some of the suspected funds may have moved through cryptocurrency markets following their withdrawal from centralized exchanges.

Stablecoin-to-Ether conversions can complicate the tracking process when funds are distributed across multiple wallets and blockchain transactions. Nevertheless, the available investigation does not establish the full destination of the suspected proceeds.

The involvement of several centralized exchanges also highlights the importance of transaction monitoring and coordination between trading platforms and blockchain investigators when large suspicious transfers are identified.

Kraken and Crypto.com Restrict Associated Funds

Kraken and Crypto.com subsequently confirmed that they had taken action against accounts or funds associated with the suspected theft.

Both exchanges told Cointelegraph that they had restricted accounts or blocked relevant funds. They also emphasized that their respective platforms remained secure.

These measures represent an important response to the reported activity, potentially limiting the movement of some assets through centralized trading infrastructure.

However, restrictions imposed by individual exchanges do not necessarily provide visibility into funds transferred through external wallets, OTC transactions or other decentralized channels.

The investigation therefore remains dependent on continued blockchain monitoring and cooperation among relevant service providers.

Outlook

The alleged theft highlights the growing complexity of cryptocurrency security investigations involving traditional financial institutions, centralized exchanges and OTC markets. While ZachXBT’s identification of Crédit Mutuel Arkéa provides a potential lead, the bank’s involvement and the full scale of the losses remain unconfirmed. Further disclosures, institutional responses and blockchain tracing developments will be necessary to establish how the funds were accessed and where they ultimately moved. For financial institutions and digital asset service providers, the case reinforces the importance of transaction surveillance, rapid incident response and coordinated restrictions on suspicious transfers.