Hacker Steals $140M From Brazil Bank, Launders $40M in Crypto

ZachXBT says hackers laundered $30–$40M via Bitcoin, Ethereum, and Tether through Latin American exchanges and OTC platforms.

Written By:
Ronak Kumar

Reviewed By:
Dhara Chavda

Hacker Steals $140M From Brazil Bank, Launders $40M In Crypto

Hackers stole over $140 million from six Brazilian banks this week and laundered up to $40 million through cryptocurrencies like Bitcoin, Ethereum, and Tether, shaking the crypto and banking sectors.

The hack was on C&M Software, a major service provider between the Central Bank of Brazil and local financial institutions. According to reports, the attack was enabled by an insider; an employee allegedly sold their login credentials for just $2,700, allowing hackers to access the system and drain reserve accounts.

On-chain analyst ZachXBT revealed the criminals used Bitcoin (BTC), Ethereum (ETH), and USD Tether (USDT) to move around $30–$40 million through Latin American crypto exchanges and OTC trading platforms. 

This is one of the ways in which laundering is being done, and it shows the increased use of digital assets in high-profile financial crimes.

Analysts are sounding the alarm that this is another wake-up call on the dangers of centralized systems in the digital era. Cybersecurity experts note that centralized systems, where there is only a single point of access, are the most likely targets of AI-aided attacks.

According to Shielded Technologies CEO Eran Barak, criminals are now pursuing centralized systems to gain larger payoffs, as they have access to billions of assets and millions of user records. Barak has stressed that such hacks are less appealing with decentralized technologies, such as zero-knowledge proofs (ZKPs).

Unlike centralized systems, decentralized crypto tools compel hackers to target individual wallets, which greatly limits the possible payoff. With the increasing threats, analysts indicate that blockchain privacy tools will play a critical role in securing digital assets against the emerging cyber threats.

Also Read: Hacker Exploits ResupplyFi Bug to Steal $9.6M in Crypto



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Ronak is a dedicated content writer with a keen eye for detail and a passion for blockchain and cryptocurrency. His interest in these fields was sparked through his work, and he continues to expand his knowledge in these areas. He loves to watch anime and binge watches during his free time.
Dhara is a crypto content analyst and writer with over 2 years of experience in the industry. Dhara has a deep understanding of the crypto market and is well-versed in various blockchain technologies. Dhara is also an avid trader and stays current with the latest trends and news in the crypto world. With Dhara's expertise and passion for the industry, readers can expect insightful and informative content.