Hackers Steal $200 Million from Brazil’s Central Bank Reserve Accounts, Convert to Bitcoin and USDT

In a daring cyber heist, hackers infiltrated the systems of C&M Software, a key technology provider for Brazil’s financial sector, and siphoned off over R$ 1 billion (approximately $200 million USD) from reserve accounts managed by BMP, a leading banking as a service provider. The stolen funds were swiftly transferred to mule accounts and converted into cryptocurrencies like Bitcoin and USDT via Pix platforms and crypto exchanges, leaving authorities scrambling to trace the money.

The attack, which occurred on July 1, 2025, exploited a vulnerability in the messaging system of Brazil’s Payment System (SPB). By breaching C&M’s infrastructure, the criminals gained access to critical accounts, including those of BMP, a company operating since 1999. The Central Bank of Brazil (BC) promptly disconnected C&M from the system to prevent further losses, while the Federal Police launched an investigation to track down the perpetrators.

BMP assured that its clients will face no direct losses, as the company holds sufficient collateral to cover the stolen amount. In 2024, BMP reported gross revenue of R$ 804 million and a net profit of R$ 231 million, underscoring its financial resilience. However, the breach has exposed vulnerabilities in third-party service providers, which play a pivotal role in Brazil’s digital financial ecosystem, fueled by the rise of Pix and fintechs.

This incident echoes a 2020 case in which a Brazilian hacker was charged in the U.S. for extorting $3.2 million in Bitcoin after stealing data from 300,000 accounts. The recurring sophistication of such attacks highlights the urgent need for stronger cybersecurity measures in Brazil’s financial infrastructure.

As the Central Bank and Federal Police work to uncover the culprits and recover the funds, the financial sector braces for potential fallout, with experts warning that third-party providers could be the Achilles’ heel of Brazil’s booming digital economy.