On-chain investigator says stolen funds trace back to a financial institution in France. Pseudonymous on-chain investigator ZachXBT has named a French bank as the alleged source of funds behi
On-chain investigator says stolen funds trace back to a financial institution in France.
Pseudonymous on-chain investigator ZachXBT has named a French bank as the alleged source of funds behind a crypto theft valued at approximately $133 million. The figure was reported by both Cointelegraph and BitKE, which described the loss as one of the largest tied to a traditional banking entity in recent memory.
ZachXBT has built a reputation over several years for tracing stolen digital assets across blockchains and publicly naming parties connected to hacks, scams, and exploits. Investigators like ZachXBT typically rely on wallet clustering, transaction timing, and exchange flow analysis to connect theft proceeds to their origin. Their findings often precede, or run parallel to, formal statements from affected institutions or law enforcement.
Neither source detailed the specific mechanism behind the alleged theft, such as whether it stemmed from a compromised hot wallet, a phishing attack, an insider breach, or a vulnerability in custody infrastructure. The identity of the bank was also not confirmed in the reporting reviewed, leaving open questions about which institution is involved and how the funds were initially obtained or held.
The case underscores a recurring theme in crypto security: traditional financial institutions increasingly hold or interact with digital assets, whether through custody services, treasury allocations, or client-facing products. When such holdings are compromised, the scale of losses can rival incidents at crypto-native exchanges or protocols, which have historically been the primary targets of large-scale theft.
Attribution of theft to a named bank, rather than to a crypto exchange or decentralized protocol, raises distinct regulatory and reputational stakes. Banks typically operate under stricter compliance and disclosure regimes than crypto-native firms. An alleged loss of this size could trigger scrutiny from national regulators and prompt questions about how digital asset exposure is managed within legacy financial institutions.
It remains unclear whether the bank in question has publicly acknowledged the loss or responded to ZachXBT's claims. Readers should treat the identification as an allegation pending further confirmation from the institution itself, French financial regulators, or law enforcement bodies that may become involved in any investigation.
A theft of this scale, if confirmed, could influence how institutional players assess the risks of holding or transacting in digital assets. Banks exploring crypto custody or trading services may face renewed pressure from regulators and clients to demonstrate robust security practices.
For the broader crypto market, incidents tied to traditional finance rather than crypto-native platforms can shape public perception differently. They may reinforce arguments on both sides of the debate over whether banks are ready to safely manage digital asset exposure, without necessarily moving token prices directly.
As with many allegations surfaced by on-chain investigators, confirmation from the named institution or regulators will be key to establishing the full scope and cause of the reported $133 million loss.
ZachXBT is a pseudonymous blockchain investigator known for tracing stolen crypto funds and publicly identifying parties linked to hacks and scams.
The reporting reviewed did not confirm the specific identity of the bank, only that ZachXBT alleged a French banking institution was the victim.
The available reports did not specify the method used, such as a hack, phishing attack, or insider breach, leaving that detail unconfirmed.
No confirmation from the alleged victim institution was included in the reporting reviewed, so the figure stems from ZachXBT's on-chain analysis.
Update 04 Nov 2026, 05:05 UTC · added by The Block
The Block identifies the bank as Crédit Mutuel Arkéa and reports that ZachXBT expressed a “high degree of confidence” the attacker is not linked to North Korea’s Lazarus Group.
Originally reported by AltcoinGordon, written by Grace Mitchell. Republished with permission.
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