Brazilian banks lose $140M after C&M cyberattack
Brazil Hit by Cyberattack on July 4: $140M Stolen via Crypto Conversion
On July 4, Brazilian financial institutions suffered significant disruptions due to a cyberattack targeting C&M Software, a service provider to the country’s central bank. The incident led to the theft of approximately $140 million, converted into USDT, BTC, and ETH.
Preliminary reports indicate that six financial institutions were affected. The attackers gained unauthorized access using the credentials of C&M Software employees, allowing them to bypass internal security protocols.
System vulnerabilities may lead to tighter regulations on digital transactions
According to C&M Software CEO Orli Machado, between 400 and 800 million BRL (up to $142 million) was stolen. The stolen funds were rapidly converted into cryptocurrencies through over-the-counter (OTC) operations across Latin America.
Machado stated that the breach exposed serious vulnerabilities in the handling of sensitive financial data. The use of BTC, ETH, and USDT made the conversion swift and difficult to trace.
While authorities have yet to comment, Coincu reports that the attack could prompt stricter regulation of digital transactions and more robust cybersecurity measures for financial platforms.
As we wrote, Brazilian Central Bank rolls over $2 billion in currency swaps
