Central Bank of Brazil was the victim of a hacking that derived losses for USD $ 140 million

An employee sold his credentials for USD $ 2,700 and facilitated the theft of more than BRL $ 800 million (USD $ 140 million), of which a substantial part was exchanged for cryptocurrencies.

***

• It is estimated that between USD $ 30 million and USD $ 40 million were converted to cryptocurrencies.
  
• At least six institutions connected to Central Bank They were affected.
  
• The attack reinforces concerns about the fragility of centralized systems.

A hacking aimed at C&M Softwarea company that acts as a technological intermediary between the Central Bank of Brazil and several financial institutions, revealed serious weaknesses in the digital infrastructure of the country’s banking system, deriving in the theft of more than BRL $ 800 million (approximately USD $ 140 million) of reserve accounts.

An internal support attack

As reported by the Brazilian media São Paulocited by Cointelegraph, The access was granted to the attacker after an employee of C&M sell your access credentials for only USD $ 2,700. This allowed the offender to enter the system and execute transactions that drained funds from six financial institutions linked to Central Bank.

Brazilian police have already arrested the alleged internal collaborator, identified as a worker from C&M that allegedly facilitated the entrance to the system.

This type of internal attack underlines the risks associated with confidence in individuals within centralized systems, where a single failure can trigger multimillionary consequences.

Cryptocurrencies and money laundering

The on-chain analyst known as Zachxbt He pointed out that The attackers made a significant part of stolen money – between USD $ 30 million and USD $ 40 million – to cryptocurrencies, including Bitcoin (BTC), Ethher (ETH) and Tether (USDT). Subsequently, these funds were washed through Latin American exchanges and extraburstable trade platforms (OTC).

The use of cryptoactive to avoid traditional financial controls raises new challenges for the authorities regarding stolen fund tracking, especially when platforms are involved without sufficient supervision mechanisms.

The fragility of centralized systems

Beyond the particular case of C&M Software, The incident is part of an increasing trend of attacks on centralized systems. Data from Chainysis reveal that centralized exchanges (CEXS) They experienced an increase in hackeos during the second semester of 2024, with cybercounts pointing to platforms that concentrate large amounts of data or capitals.

The nature of these systems – to confess in unique databases and centralized accesses – makes them attractive whites for attackers motivated by mass financial returns.

This incident, in addition to demonstrating the sophistication of modern digital crime, has renewed the debate about the need to modernize and decentralize national financial systems. Meanwhile, the Central Bank of Brazil and affected institutions face the immediate challenge of containing damage and preventing future attacks.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

Subscribe to our newsletter