TechFlow, July 4 — According to cryptocurrency investigator ZachXBT, C&M Software, a service provider for Brazil's central bank, suffered a cyberattack resulting in losses of approximately $140 million, making it one of the most severe cybersecurity incidents this year. The attackers converted fiat currency into Bitcoin, Ethereum, and USDT, operating through Latin American over-the-counter (OTC) trading platforms and exchanges, with an estimated $30–40 million transferred into cryptocurrencies.
Brazilian law enforcement investigations revealed that hackers paid only $2,760 to an employee at C&M to obtain corporate login credentials. Authorities are currently freezing funds and tracing unregistered OTC channels, but the incident has not yet received widespread coverage outside Brazil.
