Crédit Mutuel Arkéa Says Cyberattack Caused $112 Million Loss

Crédit Mutuel Arkéa said an external cyberattack led to about $112 million in fraudulent transfers from accounts owned by the French lender, putting cryptocurrency fund tracing in focus after some of the money was converted into digital assets.

The attackers targeted the bank’s automated data-processing systems and used bank-owned accounts rather than customer accounts, Arkéa said.

The bank said the incident is under control, customers suffered no asset losses and the amount stolen would not threaten its financial stability. It has blocked part of the funds and is working with Paris prosecutors and law enforcement to recover the money.

Funds were converted through a specialized crypto trading platform. Funds tied to the incident flowed to accounts at Kraken, Crypto.com and OKX.

Crédit Mutuel Arkéa is a major regional banking group in France. The theft ties a cyberattack on a French lender to ongoing cryptocurrency fund tracing and recovery work involving digital assets.