Financial Institutions Hit by Significant Cyberattack in Brazil: Estimated $140 Million Stolen

ZachXBT has been actively tracking a significant cyberattack targeting financial institutions in Brazil, which resulted in a staggering $140 million theft. The hacker gained access to the systems of C&M, a Central Bank of Brazil services provider, exposing reserve accounts across six banks. This massive breach has led to an estimated $40 million in stolen funds being transferred into cryptocurrency markets.

According to ZachXBT’s findings, it appears that Circle, the issuer of USDC stablecoin, did not provide any substantial assistance or cooperation during the investigation process. Despite this, ZachXBT emphasized that the focus remains on the Brazilian bank hack and the massive financial losses incurred as a result.

The breach occurred in June 2025, with ZachXBT pointing out the lengthy time it took for Circle to respond. Additionally, he highlights the lack of transparency from Circle regarding their participation in the investigation.

In an interview, ZachXBT expressed his frustration over the inaction by key industry players during critical times like these. He stated that this event should be a wake-up call for major exchanges and stablecoin issuers alike to take cybersecurity seriously, acknowledging the importance of coordination and cooperation between market participants.

ZachXBT’s findings have been published on CryptoSlate, offering an in-depth look at the hack and its impact on global markets.

Source: cryptoslate.com