Brazilian Fintech Infrastructure Provider Hacked; ~$200M Diverted via Client Credentials and Crypto Laundering
CybersecurityFintechHackingCryptocurrencyBrazilFraudInvestigation
A Brazilian fintech infrastructure provider, C&M Software, has been the victim of a cyberattack. The hackers diverted approximately $200 million using legitimate client credentials to access systems and perform transactions directly from reserve accounts held at the Central Bank. A portion of the stolen funds was converted into cryptocurrencies (Bitcoin and USDT), and the crypto platform SmartPay managed to block some of the funds. The case is under investigation by the Brazilian Federal Police, and the Central Bank has ordered the immediate disconnection of C&M's infrastructure.