- Insider João Nazareno Roque sold access to hackers.
- Stolen fiat converted to Bitcoin, Ethereum.
- Brazilian authorities and blockchain investigators collaborate.
In July 2025, hackers infiltrated reserves of the Brazilian Central Bank, stealing $140 million via insider access at C&M Software.
The breach underscores vulnerabilities in traditional financial systems and highlights risks of insider threats influencing fintech and banking ecosystems.
Hackers accessed the Central Bank reserves through compromised credentials from a C&M Software employee. The stolen fiat was quickly converted to Bitcoin (BTC) and Ethereum (ETH) via over-the-counter brokers and local exchanges. Brazilian authorities and blockchain investigator ZachXBT are tracing fund flows.
ZachXBT, Blockchain Investigator, “I’ll publish theft addresses related to the incident that I found when it’s ok to share them as I have been helping freeze funds and attributing unlabeled OTCs.” Source
This breach raises concerns within financial services and impacts market confidence. The commercial banks holding these reserves faced scrutiny, and the Central Bank ordered software disconnections. The Brazilian federal police are focused on preventing laundering via crypto channels.
The incident illustrates the continued threat landscape evolving with banking networks. Financial institutions face pressures to enhance security safeguarding against internal breaches. Emphasis remains on improving oversight in fintech partnerships. Development of defensive protocols within these sectors becomes crucial amid technological interconnection with cryptocurrency ecosystems.
