ZachXBT Says French Bank May Have Lost More Than $133 Million in Crypto

On-chain investigator ZachXBT named French banking group Crédit Mutuel Arkéa as the alleged victim of a crypto theft exceeding $133 million, after identifying additional withdrawals.

The alleged activity spanned several days. ZachXBT first flagged more than $106 million in suspicious withdrawals from centralized exchanges Monday, then increased the estimate to more than $133 million Tuesday after identifying another $27 million in withdrawals. Some of the additional withdrawals occurred after his initial warning.

Withdrawals from accounts at Kraken, Crypto.com and OKX preceded the conversion of about $63 million in stablecoins into Ether (ETH) within four hours. Kraken and Crypto.com restricted accounts or blocked funds linked to the suspected theft, and both said their platforms remained secure.

ZachXBT described Crédit Mutuel Arkéa as having $235 billion in assets. He said over-the-counter (OTC) transactions may push total losses above the current estimate. He has not disclosed how the attackers gained access to the funds.