At the end of the race, on 5 November at 5.10am, $8.6M is frozen, less than 7% of the $129.6M tracked. $6.4M of USDT is still waiting on 22 Tron addresses and $1.70M of USDC on Ethereum, still freezable, still not frozen. Around 4.30am, one of their wallets changed 1,350 ETH into $3.25M of DAI, which nobody can freeze. The same night, another $0.34M took the Monero route. On Hyperliquid, 125 addresses have deposited $14.25M, changed into 22,570 XMR1 that are still waiting. A single withdrawal is enough to turn them into real Monero. Elsewhere, more than $8M ended up on a KuCoin deposit account that TRM attributes to the platform Kyrrex, about $16M went through instant exchanges, and for $5.5M sent through other services, the destination could not be established.

Graph 9 · Where it is now

How much, exactly? The group has not given a final figure, but it confirms the order of magnitude of €118M², a little over 1% of its €10.5bn of equity¹, the cushion that belongs to the bank and absorbs its losses. Zero Bullshit tracked $129.6M. ZachXBT speaks of $133M²¹ and suspects a higher amount²⁷. Beyond the 18 recipient wallets and the 3 neighbouring addresses, 2 other addresses missing from his lists received another $0.14M from Kraken and passed it on to the network, without closing the gap. On Sunday afternoon, $686K in USDT also left Kraken for the OTC desk. Its withdrawals look like its usual activity. They are not counted. But on the blockchain, nothing suggests that larger amounts could have left in parallel.

That still leaves a host of questions, about regulation and about crypto. For the pros as much as for the antis.

Arkéa is a bank supervised by the ACPR, and €118M leaves its own account. Kraken, in Ireland²⁸, Crypto.com and OKX, in Malta²⁹, hold a European MiCA licence and must check the identity of every customer. Yet they open accounts for the fraudsters, at least 2 of them under false identities according to several sources, let them warm up for months, then take out $129.6M in 3 days. Kraken still lets $17.2M go on Monday, 3 hours after ZachXBT's public alert. Circle, licensed in France by the ACPR to issue USDC in Europe³⁰, freezes nothing. All regulated, all supervised, and none of them stopped the money.

Same story on the other side of the regulation. Crypto's promoters bring out the same argument after every case: the blockchain would be useless for laundering, since everything on it stays traceable. Here, that transparency mostly made it possible to count what was leaving. Every hour, the trail grows longer: 508 wallets on Ethereum, chains of 60 addresses on Tron, deposits mixed with those of thousands of strangers. At the end of the road there is Monero, and there, nothing can be read any more. Traceable, yes, up to a point. Which does not get you very far.

In euros, the race would have been much harder to win. The money would have stayed in accounts in somebody's name, with transfers that a bank can recall. The other promise, money that is decentralised and that nobody can censor, holds up no better. Here, 2 private companies, Tether and Circle, can block the money, and decide on their own. Tether did, badly and late, 35 hours and then 80 hours after the first withdrawal. Circle, never. The bank still does not say at what time the fraud was spotted, nor when or to whom the blocking requests were sent.

Crédit Mutuel Arkéa is owned by its local branches in Brittany and the South-West, and therefore by their members. The €118M gone on an All Saints' Sunday amounts to about a quarter of what the group earned in 2025, €450M¹. A member of a branch in Finistère, at the western tip of Brittany, has lost nothing from their account. Their bank has. And it belongs to them, which changes everything.

Asked by Zero Bullshit, Arkéa had not replied by the time of publication.