ZachXBT Raises EU Crypto Theft Estimate To $133M, Identifies Victim As France’s Crédit Mutuel Arkéa

• ZachXBT revised his theft estimate upward from $106 million to $133 million, adding $27 million more traced to the same attackers.
• The victim has been identified as Crédit Mutuel Arkéa, a French bank with over $235 billion in assets under management.
• $63 million in stablecoins was converted to Ethereum within four hours of the theft, suggesting rapid laundering.
• Exchange accounts at Kraken, Crypto.com, and OKX were drained; Kraken and Crypto.com subsequently froze associated accounts.

Revised Estimate & Victim Identified

On-Chain investigator ZachXBT has revised up his estimation of a major crypto theft from a European Financial Institution to $106 million to $133 million after tracing another $27 million to the same attacker-controlled addresses identified in his initial report.

In a significant development, ZachXBT publicly identified the victim as Crédit Mutuel Arkéa, a major French cooperative bank with more than $235 billion in Assets Under Management. This is also a rare instance of a named Financial Institution being tied to a significant crypto exchange breach.

Speed & Scale Of The Attack

This has been a notable breach with $63 million worth of stable coins moved to Ethereum within 4 hours of the theft. This shows the speed they were able to move funds to cover their tracks and take them out of stable value. The exchange accounts were emptied from Kraken, Crypto.com and OKX. Both Kraken and Crypto.com froze accounts associated with the attacker addresses once they became aware of the investigation.

Full Scale May Be Higher

ZachXBT notes that the $133 million amount is likely to be an underestimate.

ZachXBT: French Bank Crédit Mutuel Arkéa Allegedly Lost Over $133M in Crypto Theft

On-chain investigator ZachXBT disclosed on November 4 that the financial institution allegedly affected by a crypto theft exceeding $133 million is Crédit Mutuel Arkéa, a French banking group with approximately $235 billion in assets. ZachXBT previously reported that an EU-based entity was suspected of losing more than $106 million from multiple centralized exchange accounts on November 1. The suspected attacker withdrew funds in USDC and USDT before swapping assets into ETH and privacy coin XMR and transferring funds across multiple blockchains.

— Wu Blockchain (@WuBlockchain) November 4, 2026

The investigation has so far focused on on-chain movements which can be traced back to centralised exchange accounts and addresses. However it is likely that there was much more lost due to OTC trading. He has asked for other exchanges to freeze any wallets associated with the attacker addresses and for the institution and law enforcement to work together to recover the funds.

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