Crédit Mutuel Arkéa says a cyberattack enabled fraud but no client will lose money
Serguey Asael Shinder1 min readFrench bank Crédit Mutuel Arkéa said on Wednesday, 4 November, that a cyberattack had allowed fraudulent transactions, but that none of its customers would suffer any financial loss, Euronews reported. The bank, headquartered in Brittany, said its teams had detected the attack and that the incident was under control.
Management said it had taken the decision to temporarily suspend certain transactions to secure operations and prevent new fraudulent movements. Suspended transactions would resume shortly once final security checks were complete. The bank did not explain how the attack was carried out or who might be responsible.
According to the regional newspaper Le Télégramme, about 118 million euros, or 133 million dollars, was stolen. The bank has not confirmed that figure; it told Le Parisien that some funds had been frozen and that the amount involved was still being assessed. The fraud was first made public by ZachXBT, an independent investigator who tracks cryptocurrency transactions, who said, according to AFP, that the stolen funds had been routed through multiple accounts on crypto exchanges.
What it means
A bank theft first spotted by an on-chain investigator shows how fast stolen fiat now turns into crypto. The promise that no client will lose money means any amount not recovered falls on the bank, not its customers.