- Hackers stole $140 million from C&M Software, a Brazil Central Bank provider, after buying an employee’s login for $2700.
- About $30 million to $40 million was converted to Bitcoin, Ether, and USDT, laundered through Latin American exchanges.
- Centralized systems are vulnerable to hacks, worsened by AI, while decentralized tech could reduce risks.
Big Hack Robs Brazil’s Central Bank Provider
A huge hack hit C&M Software, the company that connects Brazil’s Central Bank to local banks, with thieves stealing 800 million Brazilian reais, or about $140 million.
It happened on June 30 when hackers bought a C&M employee’s login details for just $2700, according to São Paulo news.
This let them grab money from the reserve accounts of six banks. The police have nabbed a guy they think is the employee who sold the credentials.
Stolen Cash Turned to Crypto
The hackers quickly swapped $30 million to $40 million of the loot into Bitcoin, Ether, and USDT, says blockchain sleuth ZachXBT. They shuffled the funds through Latin American crypto exchanges and over the counter deals to cover their tracks.
About $49.8 million has been frozen by authorities, but the hack shows how easy it is to target centralized systems. Brazil’s Pix payment system, which moves money instantly, probably helped the thieves act fast.
Centralized setups like C&M’s are sitting ducks for hackers, especially now with AI making attacks smarter. A 2024 Chainalysis report saw more hacks on centralized crypto exchanges, pointing out how one weak spot can lead to big losses.
Eran Barak, boss of Shielded Technologies, told that, these systems are juicy targets because they hold tons of sensitive info. He thinks decentralized tech, like zero knowledge proofs, could make hacks less tempting by spreading data out.
This hack has everyone worried about how safe financial systems are, not just in Brazil but everywhere. With $2.5 billion lost to crypto hacks and scams in early 2025, per CertiK, it’s a loud warning.
Brazilian officials are chasing the rest of the stolen money and looking to tighten security, but this mess is a real eye opener for anyone relying on centralized systems.
Also Read: Bitcoin price dips to $107K despite $1B spot ETF inflow — What’s causing the decline?
