Crédit Mutuel Arkéa resumes operations after cyberattack, still assessing losses
In brief
- Arkéa said nearly all operations resumed Wednesday after security checks and additional safeguards.
- Customer funds were unaffected, the bank said, though some transfers were delayed.
- Attackers got in through a service provider, not online bank Fortuneo, Arkéa said.
- ZachXBT estimated more than $133 million; Arkéa has not confirmed that figure.
- Some linked funds were frozen or blocked, according to Arkéa, Kraken and Crypto.com.
How the attackers got in
Arkéa said operations resumed following security checks and additional safeguards. The bank also drew a line around its online banking subsidiary Fortuneo, disclosing that attackers gained access through a service provider and not through Fortuneo.
Customer funds weren't affected, the bank said.
The disruption only delayed certain transfers, according to Arkéa. Per Cointelegraph's report, the attackers moved the bank's money to other financial institutions, potentially allowing them to convert it into crypto (that part hasn't been confirmed).
Exchange withdrawals exposed it
Withdrawals from crypto exchanges were what first exposed the suspected theft. Blockchain analytics firm Bitquery traced withdrawals from accounts at Kraken, Crypto.com and OKX before the victim was publicly identified.
Onchain investigator ZachXBT flagged more than $106 million in suspicious withdrawals on Monday. He then raised his estimate above $133 million on Tuesday after finding another $27 million, and his Wednesday report named Arkéa as the potential victim. The bank hasn't confirmed that number.
“We are not confirming these figures; we can only confirm the approximate scale,” Arkéa said, according to a machine translation.
Arkéa confirmed the attack after ZachXBT's report and said it was still assessing the financial impact.
Frozen funds and recovery
Arkéa said some funds had been frozen and that further recovery efforts were underway. The exchanges have acted too. Kraken and Crypto.com earlier told Cointelegraph they'd restricted accounts or blocked funds linked to the suspected theft, and both said their platforms remained secure.
Arkéa says nearly all operations are back and customer funds were unaffected, but it hasn't put a final loss figure on the record (only the "approximate scale"), and recovery work is still going on.
Frequently asked questions
How was the suspected theft at Crédit Mutuel Arkéa first discovered?
Withdrawals from crypto exchanges first exposed it. Blockchain analytics firm Bitquery traced withdrawals from accounts at Kraken, Crypto.com and OKX before the victim was publicly identified. Onchain investigator ZachXBT's Wednesday report named Arkéa as the potential victim.
Were Crédit Mutuel Arkéa customer funds affected by the cyberattack?
The bank said customer funds were unaffected and the disruption only delayed certain transfers. Arkéa said the attackers gained access through a service provider, not through its online banking subsidiary Fortuneo.
How much money was stolen from Crédit Mutuel Arkéa?
ZachXBT put the figure above $133 million after finding another $27 million on top of his earlier $106 million estimate. Arkéa said it wasn't confirming those figures and could only confirm the approximate scale. It's still assessing the financial impact.
