Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at an attack that happened on the Brazilain banking system which saw hackers steal $180 million.
Hackers Steal $180M from Brazilian Banking System
The Brazilian banking system has suffered from its largest ever attack as hackers managed to steal $180 million before cash it out via Bitcoin and USDT through a PIX payment system vulnerability. The criminals made the most of an exploit in a Brazilian banking infrastructure last Monday as they steal the R$1 billion (roughly $180 million) from the reserve accounts, Authorities have noted it is the largest ever cyberattack in the nations financial history.
The news was reported by Brazil Journal, which noted that C&M Software, a Central Bank-authorized service provider that handles API connections for financial institutions in Brazil, became the entry point for attackers. They managed to gain access to multiple bank accounts which included those of banking-as-a-service provider BMP.
Sources from the federal police noted that the breach included the funds being immediately routed through cryptocurrency exchanges and over-the-counter desks in an attempt to convert the money into Bitcoin and USDT. The technicians for the Central Bank worked throughout the night to investigate after C&M was disconnected from the the financial system. A number of crypto service providers also blocked any transactions which were deemed suspicious, while they also froze accounts linked to the attack.
It was confirmed by C&M Software that the they were “a direct victim of criminal action, which included the improper use of customer credentials to attempt to fraudulently access its systems and services.“ It was noted that the attackers exploited C&M’s role as a messaging gateway for Brazil’s Instant Payment System (PIX).
Immediately after the theft had taken place the funds were moved to cryptocurrency providers which had already been integrated with PIX. The attackers attempted to purchase USDT and Bitcoin through exchanges, gateways, and OTC desks. SmartPay CEO Rocelo Lopes noted in a statement released that his company “detected that there was a problem at 00:18 on June 30, due to the atypical movement on both platforms” and automatically raised validation filters on USDT and Bitcoin purchases. Lopes continued “Large sums of money were withheld and, at the same time, the process of returning them to the institutions involved was carried out.”
There is no exact figure currently of the amount which had been successfully converted into digital assets. This remains under investigation and industry sources revealed that blockchain monitoring tools detected significant transactions to various cryptocurrency companies. It was emphasised by BMP that “no BMP customer was impacted or had their funds accessed,” clarifying that the attack “exclusively involved funds deposited in its reserve account at the Central Bank” and that the institution “has sufficient collateral to fully cover the impacted amount.“
Have a great day.
Peace. CryptoGod-1.
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