French bank Credit Mutuel Arkea hit by cyberattack
Hackers allegedly carried out fraudulent transactions worth approximately 100 million euros through the regional lender's accounts.
French cooperative bank Credit Mutuel Arkea reported on Wednesday that it was the victim of a cyberattack that enabled fraudulent transactions. According to reports from Moneycontrol and Hindustan Times, the attack allowed hackers to access the bank's own accounts to make transfers to other banks.
The bank stated that the incident has been contained and that client assets and money were not affected. While the exact amount is still being assessed, the bank noted that the scale of the loss would not undermine the financial strength or solidity of the group.
Hindustan Times reported that the fraudulent transfers amounted to around 100 million euros ($112 million). The bank said the stolen funds were converted into cryptocurrencies on specialised platforms, though a portion has been blocked and efforts to recover the money are underway.
Credit Mutuel Arkea described the incident as a sophisticated external attack and excluded transfers caused by human error. The bank, which manages €211.5 billion in assets, informed the relevant authorities as soon as the breach was detected.
The Paris public prosecutor's office has opened an official investigation into the matter. The probe is looking into an organised group's attack on an automated data processing system.
An independent blockchain investigator, ZachXBT, had previously highlighted the fraud on social media, noting that the funds were moved through various accounts on cryptocurrency exchange platforms.