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Bitcoin is again in the spotlight as hackers hogged the headlines following a June 30 attack on C&M Software. The breach sent shockwaves through Brazil’s banking system. Hackers slipped into the company that links smaller banks and fintechs to the Central Bank’s PIX platform.
In about two and a half hours, they moved roughly 800 million reais—almost $148 million—from reserve accounts at six institutions.
One bank, BMP, watched $73.8 million vanish before spotting the fraud. It later recovered about $29.5 million when alarms finally sounded.
$140M HACK in Brazil – Insider Sold Access for Just $2.7K?!
ZachXBT reports a $140M breach in Brazil, where an insider allegedly sold system access for only $2.7K. Around $30–40M was funneled into crypto via LatAm OTC desks.
One of the biggest insider leaks in recent memory?… pic.twitter.com/ehMqjuQGCi
— Crypto Patel (@CryptoPatel) July 4, 2025
Hack On Key Payment Node
According to Brazilian authorities, the break‑in began when an IT worker at C&M sold his login details for the equivalent of $2,770. Based on reports, he then helped build the system that let attackers pull funds.
That inside help turned a simple login into a major hole in the PIX network, which handles instant payments across Brazil.
After stealing the credentials, the hackers launched coordinated transfers. They grabbed money from six reserve accounts without tripping any alerts for nearly 150 minutes. BMP’s CEO, Carlos Benitez, said the breach only surfaced when his team spotted odd transactions late on June 30.
Bitcoin Used As Exit Route
Investigators quickly noticed at least $40 million flowing into Bitcoin, Ethereum and various stablecoins. They traced large sums moving through Latin American over‑the‑counter desks and crypto exchanges. This shift underscores how digital coins can become a convenient escape hatch when traditional firewalls fail.
Stablecoins played a big role. Their constant value makes them a favorite for criminal networks looking to dodge swings in price. The Financial Action Task Force recently warned that stablecoins pose growing money‑laundering risks without clear global rules.
Bitcoin: Law Enforcement Moves In
Within days, courts froze dozens of accounts thought to hold stolen funds. Authorities say they’ve secured about $50 million so far. Still, a large chunk remains unaccounted for, drifting somewhere on blockchains.
Steps Taken To Recover Funds
Based on reports, the Central Bank cut back C&M’s access to vital systems while officials scrambled to plug the leak. João Nazareno Roque, the accused insider, was arrested on July 3 and remains in custody. No retail customers lost a cent, since only institutional reserves were targeted.
This breach shows how one weak link can bring down a big network. Brazil will need tighter checks on insider access, faster fraud detectors and stronger oversight of crypto platforms.
Featured image from Cyber Defense Magazine, chart from TradingView
