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A $140 million cyberattack on Brazil’s banking system has put Bitcoin back in the spotlight as hackers exploited an insider to breach the PIX payment network. The stolen funds were funneled into cryptocurrencies, highlighting the growing risks of digital assets in financial crimes. Authorities have frozen accounts and arrested the alleged insider, but millions remain unaccounted for.
- An IT insider sold system access for $2,770, enabling hackers to steal $140M from Brazil's PIX network.
- $40M of stolen funds were converted to crypto via LatAm OTC desks, with stablecoins playing a key role.
- Brazilian authorities froze accounts and arrested the insider, but over $90M remains unrecovered.
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Other Tags: Central Bank of Brazil, Financial Action Task Force