Credit Mutuel Arkea Confirms Cyberattack, Estimated Losses Exceed $133 Million

Credit Mutuel Arkea, a French bank based in Brittany, has acknowledged a cyberattack that enabled hackers to carry out fraudulent transfers from the bank's own accounts. On-chain investigator ZachXBT has estimated the losses from this incident to be over $133 million, although the bank has not officially confirmed this figure.

In a statement, Credit Mutuel Arkea assured that operations are resuming and that customer assets were not affected. The bank temporarily suspended some transactions as a precautionary measure, stating, "This incident has had no impact on (customer) assets and has only caused a delay in the execution of certain transfers."

The bank reported that the attackers accessed its systems through a service provider, allowing them to use the bank's own account to send transactions to other banks. This method potentially enabled the conversion of stolen funds into cryptocurrency via specialized platforms. Credit Mutuel Arkea denied claims that the breach originated from its online banking arm, Fortuneo, emphasizing that it was a sophisticated external attack.

While the bank has not provided a final loss figure, it has indicated that part of the stolen funds has been frozen, and steps are being taken to recover the remaining amounts. The bank's spokesperson noted that it is still too early to provide a definitive total, and investigations are ongoing to determine the attack's origin and execution.

In the wake of this incident, Credit Mutuel Arkea has also alerted customers to potential phishing attempts related to the hack. The bank, which manages approximately 211.5 billion euros in assets and serves 5.8 million clients, has reported a net profit of 230 million euros in the first half of the year.

This breach follows closely on the heels of the record $6.34 billion hack of Binance, which has been linked to North Korea. However, ZachXBT has indicated that he does not believe this incident is associated with the Lazarus Group, known for its high-profile cybercrimes.