French Bank Credit Mutuel Arkea Loses $112 Million in Sophisticated Cyberattack

Hindustan Times · business

French regional bank Credit Mutuel Arkea has reported a significant cyberattack resulting in the fraudulent transfer of approximately 100 million euros ($112 million). Hackers gained access to Arkea's systems, making transfers to other banks without affecting client accounts. The stolen funds were converted into cryptocurrencies, though efforts are underway to block and recover a portion. The bank stated the attack was sophisticated and external, not due to human error. A formal investigation has been opened by the Paris public prosecutor's office.