hackers behind $140 million brazil banking heist are now using crypto to launder their loot

In late June, a sophisticated hacking group pulled off one of the biggest cyber heists targeting Brazil’s Central Bank service provider, stealing a jaw-dropping $140 million. But what happened next reveals a darker side of the crypto world: these criminals are turning to cryptocurrencies to clean their ill-gotten gains. On June 30th, attackers bribed an insider at C&M Software, the Central Bank’s service vendor, gaining access to six financial institutions’ reserve accounts, including BMP. This insider leak opened the door for unauthorized transfers of massive fiat sums. But rather than trying to move all the stolen cash directly through banks or traditional channels, the hackers began swapping between $30 million and $40 million of their haul into bitcoin, ether, and tether—using Latin American OTC desks and exchanges, according to blockchain analyst ZachXBT. This laundering tactic isn’t new. It echoes a recent attack on Coinbase, where bribed customer service agents exposed sensitive data of 69,000 users. The key point is that even as crypto gains regulatory acceptance in Brazil—lawmakers proposed allowing investment funds exposure to digital assets as recently as February—the industry’s dark underbelly remains exposed to abuse. Crypto’s promise of borderless, pseudonymous transactions makes it a perfect tool for hackers and scammers to move money swiftly and discreetly. As the numbers show, this trend is escalating: security firm CertiK reports that crypto investors lost $2.5 billion to hacks and scams in the first half of 2025 alone. The Brazil banking hack serves as a stark reminder—while blockchain technology can empower financial freedom, it also equips criminals with new avenues to launder money and evade law enforcement. Vigilance and stronger safeguards are more critical than ever. #Finance #MakeMoney