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Well-known cryptocurrency researcher ZachXBT has revealed one of the most notable cybercrime cases of 2025. According to ZachXBT’s statement on his personal channel, C&M Software, one of the service providers of the Brazilian Central Bank, was the target of a massive cyberattack worth approximately $140 million (800 million reais).
The incident occurred on June 30, 2025, when six different financial institutions gained unauthorized access to their reserve accounts at the Central Bank. The attackers converted the fiat money they obtained from these accounts into digital assets such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) via over-the-counter (OTC) markets and cryptocurrency exchanges in Latin America. According to ZachXBT, at least $30 million to $40 million was converted into cryptocurrencies.
What’s even more striking is that the attackers purchased the company’s login information from one of C&M Software’s employees for just 15,000 reais (about $2,760). According to information from Brazilian security services, this simple access created a gap worth millions of dollars.
ZachXBT stated that it has been tracking funds, helping to freeze some accounts, and trying to identify OTC brokers who are conducting illegal transactions. It also stated that the wallet addresses related to the incident will be shared with the public at the appropriate time. However, it was also noted that despite this serious security breach, the incident received almost no media coverage outside of Brazil.
*This is not investment advice.