In 2025, one of the most notable cyberattacks targeted C&M Software, a service provider for the Central Bank of Brazil. Expert ZachXBT reported a loss of $140 million.
Details of the Cyberattack
The incident occurred on June 30, 2025, when six financial institutions gained unauthorized access to their reserve accounts at the Central Bank. The attackers converted the fiat money obtained from these accounts into cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), via over-the-counter (OTC) markets and cryptocurrency exchanges in Latin America. According to ZachXBT, between $30 million to $40 million was converted into cryptocurrencies.
Methods Used by Attackers
The attackers purchased login information from one of C&M Software’s employees for 15,000 reais (about $2,760). This simple acquisition opened access to millions of dollars, creating a significant vulnerability.
Response to the Incident
ZachXBT stated that it has been tracking the funds, assisting in freezing some accounts, and trying to identify OTC brokers conducting illegal transactions. It also mentioned that wallet addresses related to the incident would be made public at a later time. However, it noted that despite the serious nature of the crime, there was almost no media coverage of the incident outside of Brazil.
The cyberattack on C&M Software highlights the critical importance of security in banking electronic systems. Given the scale of the incident and the significance of the affected financial institution, issues of data security require increased attention from the public and regulatory bodies.
