3 weeks ago
Bitcoin is again successful the spotlight arsenic hackers hogged the headlines pursuing a June 30 attack connected C&M Software. The breach sent shockwaves done Brazil’s banking system. Hackers slipped into the institution that links smaller banks and fintechs to the Central Bank’s PIX platform.
In astir 2 and a fractional hours, they moved astir 800 cardinal reais—almost $148 million—from reserve accounts astatine six institutions.
One bank, BMP, watched $73.8 cardinal vanish earlier spotting the fraud. It aboriginal recovered astir $29.5 cardinal erstwhile alarms yet sounded.
$140M HACK successful Brazil – Insider Sold Access for Just $2.7K?!
ZachXBT reports a $140M breach successful Brazil, wherever an insider allegedly sold strategy entree for lone $2.7K. Around $30–40M was funneled into crypto via LatAm OTC desks.
One of the biggest insider leaks successful caller memory?… pic.twitter.com/ehMqjuQGCi
— Crypto Patel (@CryptoPatel) July 4, 2025
Hack On Key Payment Node
According to Brazilian authorities, the break‑in began erstwhile an IT idiosyncratic astatine C&M sold his login details for the equivalent of $2,770. Based connected reports, helium past helped physique the strategy that fto attackers propulsion funds.
That wrong assistance turned a elemental login into a large spread successful the PIX network, which handles instant payments crossed Brazil.
After stealing the credentials, the hackers launched coordinated transfers. They grabbed wealth from six reserve accounts without tripping immoderate alerts for astir 150 minutes. BMP’s CEO, Carlos Benitez, said the breach lone surfaced erstwhile his squad spotted unusual transactions precocious connected June 30.
Bitcoin Used As Exit Route
Investigators rapidly noticed astatine slightest $40 million flowing into Bitcoin, Ethereum and assorted stablecoins. They traced ample sums moving done Latin American over‑the‑counter desks and crypto exchanges. This displacement underscores however integer coins tin go a convenient flight hatch erstwhile accepted firewalls fail.
Stablecoins played a large role. Their changeless worth makes them a favourite for transgression networks looking to dodge swings successful price. The Financial Action Task Force precocious warned that stablecoins airs increasing money‑laundering risks without wide planetary rules.
Bitcoin: Law Enforcement Moves In
Within days, courts froze dozens of accounts thought to clasp stolen funds. Authorities accidental they’ve secured astir $50 cardinal truthful far. Still, a ample chunk remains unaccounted for, drifting determination connected blockchains.
Steps Taken To Recover Funds
Based connected reports, the Central Bank chopped backmost C&M’s entree to captious systems portion officials scrambled to plug the leak. João Nazareno Roque, the accused insider, was arrested connected July 3 and remains successful custody. No retail customers mislaid a cent, since lone organization reserves were targeted.
This breach shows however 1 anemic nexus tin bring down a large network. Brazil volition request tighter checks connected insider access, faster fraud detectors and stronger oversight of crypto platforms.
Featured representation from Cyber Defense Magazine, illustration from TradingView
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