The EU institution behind a suspected crypto theft that drained multiple centralized exchange accounts on November 1 now has a name. On-chain investigator ZachXBT identified the victim as French bank Crédit Mutuel Arkéa, a lender with $235B in assets. The bank's role remains unconfirmed.

The attacker withdrew USDC and USDT from accounts at Kraken, Crypto.com and OKX. Estimated losses grew from $106M to $133M after another $27M in exchange withdrawals was identified, some of them made after the first public alert.

$62.98M in stablecoins was converted into 27,553 ETH within roughly four hours, then pushed through instant exchanges, Monero swaps and cross-chain bridges.

Kraken restricted the linked accounts and Crypto.com blocked related funds, while Tether froze $1.1M in USDT. ZachXBT argues the incident was covered up and that the missing disclosure let more than $30M be laundered before law enforcement could act. Laundering patterns do not match North Korea's Lazarus Group.