CoinDesk
Blockchain investigator ZachXBT identified French banking group Crédit Mutuel Arkéa as the suspected victim of a crypto theft exceeding $133 million. The bank confirmed fraudulent transactions but has not disclosed the amount stolen. Bitquery traced $108.8 million in USDC withdrawals from Kraken, Crypto.com and OKX over 21 hours on November 1 and 2.
Why it matters
ZachXBT initially put the losses above $106 million, then added another $27 million in exchange withdrawals. He said the total could be higher if over-the-counter trades are included. Bitquery traced the funds through hundreds of wallets, but could not verify the full reported loss or independently identify the victim.
Crypto.com said it blocked funds linked to the incident and that all user funds remained secure and accessible. The bank said it had brought the fraudulent transactions under control, temporarily suspended some transactions to limit further losses and notified authorities. It said clients' interests were protected and was still assessing the consequences.
Market impact
Much of the traced money was converted into Ether, which a central issuer cannot freeze. Bitquery also identified a transfer of 396 ETH to a Kraken deposit address, but could not establish whether Kraken froze the funds or who controlled the receiving account. Kraken and OKX had not immediately commented.
The incident raises questions about how the attacker accessed the exchange accounts, which investigators have not determined. Arkéa has been preparing to offer crypto services under the EU's MiCA framework, but the bank has not disclosed whether the stolen funds were originally fiat currency or cryptocurrency. ZachXBT said he had a high degree of confidence the theft was not carried out by North Korea's Lazarus Group, citing differences in the movement of funds.
Frequently asked questions
-
How much crypto was traced from exchange accounts?
Bitquery traced $108.8 million in USDC withdrawals from Kraken, Crypto.com and OKX over 21 hours on November 1 and 2.
-
Has Crédit Mutuel Arkéa confirmed the reported $133 million loss?
The bank confirmed fraudulent transactions but has not disclosed the amount stolen. ZachXBT identified it as the suspected victim of a theft exceeding $133 million.
-
What action did Crypto.com take?
Crypto.com said it blocked funds linked to the incident from moving through its platform and that all user funds remained secure and accessible.
-
Why could converting the funds into Ether complicate recovery?
Much of the traced money was converted into Ether, which a central issuer cannot freeze.
-
Do investigators know how the attacker accessed the accounts?
No. Investigators have not determined how the attacker accessed the exchange accounts. Bitquery also could not establish whether a 396 ETH transfer to a Kraken deposit address was frozen.
TheBlock
CryptoSlate
Altcoin Daily
CoinTelegraph
WuBlockchain
Glassnode
Crypto Rank News