A major French banking group, Crédit Mutuel Arkéa, has suffered a sophisticated cyberattack that allowed hackers to carry out fraudulent financial transactions worth an estimated €118 million ($133 million).
The attackers reportedly gained access to the bank's network through the platform of an external service provider.
The incident came to light on November 2, when blockchain investigator ZachXBT reported suspicious withdrawals involving several cryptocurrency exchange accounts. According to the investigator, the attackers had potentially stolen around €118 million and moved the funds through cryptocurrency platforms.
Crédit Mutuel Arkéa, one of France's major cooperative banking groups, officially acknowledged the cyberattack on November 4. The bank confirmed that attackers had gained unauthorized access to its systems and used an account belonging to the institution to initiate fraudulent transactions involving other banking organizations.
In a frequently asked questions section published after the incident, the bank explained that the attackers accessed its network directly through the platform of one of its service providers. However, the financial institution did not disclose the identity of the provider. It also clarified that its online banking subsidiary, Fortuneo, was not involved in the attack.
The attackers reportedly used the bank's own account rather than individual customer accounts to transfer the money. Blockchain investigators also tracked the movement of the stolen funds through cryptocurrency exchanges, where some of the money was reportedly converted into stablecoins such as USDC and USDT.
ZachXBT stated that approximately $30 million had already been laundered by November 3. Some of the stolen funds were reportedly blocked, although the complete amount recovered remains unclear. The bank has not independently confirmed the reported $133 million loss, describing the amount involved as significant while acknowledging that the final figure was still being assessed.
After the discovery, Crédit Mutuel Arkéa temporarily suspended certain operations as a precautionary measure while investigating the incident. The bank subsequently announced that the attack had been contained and that its operations were gradually returning to normal.
The financial institution reassured customers that their deposits and personal assets were not affected by the incident. However, some transfer transactions experienced delays because of the security measures introduced in response to the attack.
Arkéa also ruled out human error as the cause, describing the incident as a sophisticated external attack. It is now working with law enforcement agencies and judicial authorities to determine how the attackers gained access and carried out the fraudulent transactions.
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Hackers Exploit Third-Party Provider to Steal $133 Million From French Bank