ZachXBT names French bank in suspected $133 million theft: victim identified for the first time as a real-world institution
First, let’s get the timeline straight, because for the past three days this case was described as involving an “unnamed EU entity.” On Monday, ZachXBT first revealed that more than $106 million had been withdrawn from accounts at three exchanges. On Tuesday, he traced another $27 million, putting the total above $133 million, and said it could be even higher if over-the-counter transactions were included. Today, Wednesday, he named the institution on Telegram: French banking group Crédit Mutuel Arkéa.
The on-chain part has been substantiated: Bitquery tracked about $108.8 million in USDC moving from accounts at Kraken, Crypto.com, and OKX to 15 wallets over 21 hours between November 1 and 2. Most of it was subsequently converted to ETH—which means the issuer can no longer freeze it. Crypto.com has confirmed that it intercepted the funds in question and that customer funds are safe. Kraken also restricted the relevant accounts. Both say their platforms were not breached.
But the most important point needs a caveat: the bank told CoinDesk that fraudulent transactions had indeed occurred, that the situation is now under control, and that customers’ interests are unaffected. It also suspended some transactions and notified the authorities (according to CoinDesk’s report at 18:18 Beijing time today). However, it did not disclose the amount or say whether the stolen assets were fiat currency or crypto. In other words, the bank acknowledged that “fraudulent transactions” had taken place, but has not publicly confirmed the $133 million figure. On-chain data alone also cannot verify the victim’s identity. For now, the identification comes from ZachXBT, not an official confirmation from the bank.
One other point is worth highlighting: ZachXBT says he is highly confident that Lazarus was not behind this operation, and that the laundering methods differ from those used in the $6.3 billion Binance case. Three major cases in a row, all with different methods and attributions—don’t pin every incident on the same name.
My take: this case has moved from an “unnamed entity” to a “named bank that has acknowledged fraudulent transactions.” That’s meaningful progress, but we’re still waiting for an official statement from the bank and clarity on the amount before drawing a final conclusion. Until then, $133 million should be treated as ZachXBT’s estimate, not a loss confirmed by the bank.
Market prices before publication (verified against two independent sources): $BTC around 78,688, up about 2.09% over 24 hours; $ETH around 2,335, up about 3.13% over 24 hours. There is no verifiable causal link between the current price rebound and this case, so don’t force a connection.
Risk warning: The details of the theft, the attack path, and the final amount have not yet been confirmed. Addresses involved and the list of “victims” may still change as the investigation proceeds. Don’t make trading decisions based on estimated figures.
What do you think—if a bank acknowledges fraudulent transactions but won’t confirm the amount, is that being responsible or buying time?
#ZachXBT #安全事件 #BTC #ETH
First, let’s get the timeline straight, because for the past three days this case was described as involving an “unnamed EU entity.” On Monday, ZachXBT first revealed that more than $106 million had been withdrawn from accounts at three exchanges. On Tuesday, he traced another $27 million, putting the total above $133 million, and said it could be even higher if over-the-counter transactions were included. Today, Wednesday, he named the institution on Telegram: French banking group Crédit Mutuel Arkéa.
The on-chain part has been substantiated: Bitquery tracked about $108.8 million in USDC moving from accounts at Kraken, Crypto.com, and OKX to 15 wallets over 21 hours between November 1 and 2. Most of it was subsequently converted to ETH—which means the issuer can no longer freeze it. Crypto.com has confirmed that it intercepted the funds in question and that customer funds are safe. Kraken also restricted the relevant accounts. Both say their platforms were not breached.
But the most important point needs a caveat: the bank told CoinDesk that fraudulent transactions had indeed occurred, that the situation is now under control, and that customers’ interests are unaffected. It also suspended some transactions and notified the authorities (according to CoinDesk’s report at 18:18 Beijing time today). However, it did not disclose the amount or say whether the stolen assets were fiat currency or crypto. In other words, the bank acknowledged that “fraudulent transactions” had taken place, but has not publicly confirmed the $133 million figure. On-chain data alone also cannot verify the victim’s identity. For now, the identification comes from ZachXBT, not an official confirmation from the bank.
One other point is worth highlighting: ZachXBT says he is highly confident that Lazarus was not behind this operation, and that the laundering methods differ from those used in the $6.3 billion Binance case. Three major cases in a row, all with different methods and attributions—don’t pin every incident on the same name.
My take: this case has moved from an “unnamed entity” to a “named bank that has acknowledged fraudulent transactions.” That’s meaningful progress, but we’re still waiting for an official statement from the bank and clarity on the amount before drawing a final conclusion. Until then, $133 million should be treated as ZachXBT’s estimate, not a loss confirmed by the bank.
Market prices before publication (verified against two independent sources): $BTC around 78,688, up about 2.09% over 24 hours; $ETH around 2,335, up about 3.13% over 24 hours. There is no verifiable causal link between the current price rebound and this case, so don’t force a connection.
Risk warning: The details of the theft, the attack path, and the final amount have not yet been confirmed. Addresses involved and the list of “victims” may still change as the investigation proceeds. Don’t make trading decisions based on estimated figures.
What do you think—if a bank acknowledges fraudulent transactions but won’t confirm the amount, is that being responsible or buying time?
#ZachXBT #安全事件 #BTC #ETH
