A devastating breach has struck Brazil’s financial infrastructure after hackers siphoned off over 800 million reais ($140 million) through a coordinated attack that exploited the country’s central banking software network.
The incident traces back to an insider at C&M Software — the firm responsible for linking Brazil’s Central Bank with local financial institutions — who allegedly sold system access for less than $3,000.
Once inside, the attackers drained funds from reserve accounts tied to six institutions. Blockchain sleuth ZachXBT reported that nearly a third of the loot, around $30–40 million, was swiftly converted into crypto assets including Bitcoin, Ether, and USDT, then funneled through regional exchanges and OTC markets.
The fallout has reignited concerns about the vulnerability of centralized infrastructure in the digital era. Experts warn that single points of failure — like employee credentials — are increasingly being targeted by hackers using AI-assisted tools. While centralized systems remain attractive for their scale, they also represent jackpot targets for cybercriminals.
Security analysts emphasize that decentralized technologies, especially those leveraging zero-knowledge proofs, could significantly lower the stakes for attackers by eliminating honeypots of sensitive data and capital. By forcing criminals to go after individual accounts rather than centralized troves, the risk-to-reward ratio shifts sharply.
As Brazilian authorities pursue further arrests and tighten oversight, the attack serves as a stark reminder: it only takes one weak link to compromise an entire financial ecosystem.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/hackers-steal-140-million-from-brazilian-banks-convert-part-into-crypto/