French bank hit by cyberattack, losses estimated at €118 million

Crédit Mutuel Arkéa, a regional bank based in western France, said it had been hit by a cyberattack that led to fraudulent transactions. Reports put the losses at about €118 million, though the bank did not confirm that figure. The incident has drawn attention to the vulnerability of financial institutions to cybercrime.

Arkéa said the attack was under control and that customers would face no financial consequences. It temporarily suspended some transactions as a precaution while it secured its systems and carried out checks. The bank did not disclose how the attackers gained access or who was responsible; blockchain investigator ZachXBT said the funds had been routed through accounts on cryptocurrency exchanges.