
Hackers have stolen over 100 million euros from French banking group Credit Mutuel Arkea in a sophisticated cyberattack, the financial institution has confirmed. The hackers used an external service provider to transfer money to other bank accounts, while part of the amount may have been converted into cryptocurrencies.
Blockchain technology researcher ZachXBT initially estimated the theft at more than $106 million, before identifying another $27 million in suspicious withdrawals, bringing the total to more than $133 million. In a statement released Wednesday, Credit Mutuel Arkea acknowledged the scale of the attack but declined to confirm the exact amount stolen.
According to reports, the hackers gained access through an external service provider whose systems had been compromised. They then used the bank's own account to make fraudulent transfers to other financial institutions. The money was then transferred through several different accounts, with investigators looking into the possibility of converting it into cryptocurrencies.
The bank described the security breach as a “sophisticated external attack,” stressing that it was not caused by human error. It did not say how long the attackers had access to its systems or how many fraudulent transactions were made.
French prosecutors have launched an investigation into what they have described as an “attack on an automated data processing system by an organized group.” So far, no suspects have been publicly identified and authorities have not determined who is behind the operation.
Credit Mutuel Arkea said it had managed to block some of the stolen funds and was working with other financial institutions to recover the money. The bank stressed that customer accounts were not affected by the attack.