Hackers stole $140M from Brazilian banks by hacking central bank service provider

C&M Software, a provider linking Brazil’s Central Bank to local institutions, was hacked, resulting in $140 million stolen from six connected banks. An employee allegedly sold login credentials for $2,700. Hackers converted $30-40 million to crypto and laundered through Latin American exchanges. Cybersecurity threats loom over centralized systems. Brazilian police arrest an employee linked to the hack.

Centralized systems face escalating risks due to artificial intelligence, vulnerable to hacks, ransom attempts, and software exploits. Centralized crypto exchanges saw increased hacks in late 2024, per Chainalysis. Shielded Technologies CEO stresses the need for privacy tools against AI-assisted hackers. Decentralized blockchain tech like ZKPs deter cybercriminals by making individual wallets, not centralized databases, the target.

Eran Barak, CEO of Shielded Technologies, warns of cybercriminals’ attraction to centralized systems holding vast amounts of sensitive data or capital. Privacy tools are crucial in defending against AI-enabled attacks. Decentralized blockchain technology like ZKPs makes targeting individual wallets less appealing to hackers, reducing their ROI. Coinbase hack highlights legal limitations in protecting individuals from cybercrime.

Read more at Cointelegraph: Hackers steal $140M in hack of central bank service provider