Crédit Mutuel Arkéa Hit by €118 Million Supply Chain Cyberattack

French regional banking group Crédit Mutuel Arkéa has confirmed it was targeted in a supply chain cyberattack that allowed unauthorised access to an internal account via a third-party service provider’s platform.

The attackers used the compromised access to transfer funds to other financial institutions. These funds may have been subsequently converted into cryptocurrency by the perpetrators.

While the bank has not officially confirmed the exact total, the French newspaper Le Télégramme reported that the thieves had taken approximately €118 million. Crédit Mutuel Arkéa stated that the reported order of magnitude is accurate and that it is still assessing the precise financial consequences of the breach.

The incident was first identified on Monday by blockchain investigator ZachXBT. In response to the breach, the bank temporarily suspended several transaction types to prevent further fraudulent activity.

Customer Assets and Financial Stability

Crédit Mutuel Arkéa has reassured its 5.8 million customers that their personal assets remain safe. The group stated that the incident resulted in the delayed execution of certain transfer operations but did not impact customer funds directly.

The bank also confirmed that the theft is unlikely to jeopardise its overall financial health or stability. Some of the involved funds have been frozen, and recovery actions are currently underway. French law enforcement is investigating the incident.