$133 million was transferred out of a French bank’s own accounts 🏦
On November 4, French bank Crédit Mutuel Arkéa publicly confirmed that its corporate accounts had been hit by a cyberattack. The money was disguised as routine transfers, then converted into cryptocurrency through specialized platforms.
🚨 行情变了群里说
On November 2, on-chain investigator ZachXBT had already named the bank, estimating losses of more than $133 million. The bank only acknowledged that the figure was in the right ballpark, refusing to give an exact amount.
The most counterintuitive part: customers didn’t lose a cent.
The bank made it clear in its statement that customer assets were unaffected. The incident had been contained and only caused delays to some transfers.
In other words, the money lost wasn’t customers’ money—it was the bank’s own.
How did the money get out?
The funds were first converted into cryptocurrency through specialized platforms. USDC was moved first, then swapped for Ethereum. Along the way, the funds passed through two instant-exchange platforms; some were converted into Monero, while the rest were moved across chains 🐋
ZachXBT said the attack went on for several days and may also have involved over-the-counter trading, so the final figure could climb further.
The bank admitted that some funds had been intercepted, but didn’t say how much had been recovered.
More noteworthy still: this may not have been North Korea.
ZachXBT said he was highly confident that the attackers had no links to the Lazarus Group.
Over the past two years, nearly every exchange hack has been attributed to North Korea. If this really was a different group, it would show that this playbook has been copied and is no longer the exclusive preserve of one organization 🦖
The scale comparison is striking, too.
The bank has 12,000 employees, 5.8 million customers, and total assets of €211.5 billion, equivalent to $238.1 billion.
$133 million is just six ten-thousandths of its total assets—not enough to cripple it, but enough to show one thing:
The gap between fiat transfers and crypto exchanges is far thinner than a bank vault.
My take: the real focus in cases like this isn’t the amount stolen.
The real risk lies at the exits: instant-exchange platforms, over-the-counter desks, cross-chain bridges, and Monero. If even one of these four links refuses to cooperate with law enforcement, the money can disappear for good.
Next, regulators will likely crack down on instant exchanges and mixers, while banks will be forced to treat due diligence on counterparties in crypto transactions as a hard requirement.
For ordinary people, the takeaway is clear:
The fiat you keep in a bank and the assets you hold on-chain now share the same attack routes—the only difference is the exit at the end.
Once banks start tightening controls on suspicious transfers, moving money in and out of crypto will only get slower and more expensive.
Who do you think will be named next—a bank or an exchange? Let’s talk in the comments 👀
Every day, I bring you the latest in crypto security—not just what’s happening, but also the logic and opportunities behind it 👀🚀
Tap the profile picture to watch the livestream
On November 4, French bank Crédit Mutuel Arkéa publicly confirmed that its corporate accounts had been hit by a cyberattack. The money was disguised as routine transfers, then converted into cryptocurrency through specialized platforms.
🚨 行情变了群里说
On November 2, on-chain investigator ZachXBT had already named the bank, estimating losses of more than $133 million. The bank only acknowledged that the figure was in the right ballpark, refusing to give an exact amount.
The most counterintuitive part: customers didn’t lose a cent.
The bank made it clear in its statement that customer assets were unaffected. The incident had been contained and only caused delays to some transfers.
In other words, the money lost wasn’t customers’ money—it was the bank’s own.
How did the money get out?
The funds were first converted into cryptocurrency through specialized platforms. USDC was moved first, then swapped for Ethereum. Along the way, the funds passed through two instant-exchange platforms; some were converted into Monero, while the rest were moved across chains 🐋
ZachXBT said the attack went on for several days and may also have involved over-the-counter trading, so the final figure could climb further.
The bank admitted that some funds had been intercepted, but didn’t say how much had been recovered.
More noteworthy still: this may not have been North Korea.
ZachXBT said he was highly confident that the attackers had no links to the Lazarus Group.
Over the past two years, nearly every exchange hack has been attributed to North Korea. If this really was a different group, it would show that this playbook has been copied and is no longer the exclusive preserve of one organization 🦖
The scale comparison is striking, too.
The bank has 12,000 employees, 5.8 million customers, and total assets of €211.5 billion, equivalent to $238.1 billion.
$133 million is just six ten-thousandths of its total assets—not enough to cripple it, but enough to show one thing:
The gap between fiat transfers and crypto exchanges is far thinner than a bank vault.
My take: the real focus in cases like this isn’t the amount stolen.
The real risk lies at the exits: instant-exchange platforms, over-the-counter desks, cross-chain bridges, and Monero. If even one of these four links refuses to cooperate with law enforcement, the money can disappear for good.
Next, regulators will likely crack down on instant exchanges and mixers, while banks will be forced to treat due diligence on counterparties in crypto transactions as a hard requirement.
For ordinary people, the takeaway is clear:
The fiat you keep in a bank and the assets you hold on-chain now share the same attack routes—the only difference is the exit at the end.
Once banks start tightening controls on suspicious transfers, moving money in and out of crypto will only get slower and more expensive.
Who do you think will be named next—a bank or an exchange? Let’s talk in the comments 👀
Every day, I bring you the latest in crypto security—not just what’s happening, but also the logic and opportunities behind it 👀🚀
Tap the profile picture to watch the livestream
