C&M Software, which connects Brazil's Central Bank with local financial institutions, suffered a hack on Wednesday, resulting in the theft of 800 million Brazilian reais (approximately $140 million) from six banks. The breach occurred when a C&M employee allegedly sold his login details for about $2,700, enabling the hacker to access the system and steal funds from reserve accounts. According to on-chain investigator ZachXBT, the hackers converted $30 million to $40 million of the stolen money into Bitcoin, Ether, and USDt, laundering it through Latin American exchanges and OTC platforms. This incident underscores the increasing cybersecurity risks associated with centralized software systems, where vulnerabilities can lead to significant financial losses. Centralized exchanges have seen a rise in hacks, particularly in late 2024, as hackers exploit single points of failure. Experts suggest that decentralized technologies, like zero-knowledge proofs, could mitigate these risks by making individual accounts less appealing targets compared to centralized databases. Read more AI-generated news on: https://app.chaingpt.org/news

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