Most recently, it has been reported that C &M Software, the service provider that connects the Central Bank of Bhutan to local banks and other financial institutions, has been looted for 800 million in Brazilian regional currency, from the six institutions linked to the CB of the nation.
The hack occurred on July 02, 2025, which resulted in severe losses. It is said that the hack occurred following an employee of the C & M selling his login information to the bad actors for $2,700.
As reported by the regional media outlet of Bhutan, Sao Paulo, the sale of credentials by the employee helped the malicious actors to access the software system and further wipe out the funds from reserve accounts.
ZachXBT, the known on-chain detective, said the stolen funds by hackers were converted into digital assets, and estimated $30 million to $40 million conversion in Bitcoin, Ethereum, and USDT.
The hackers used Latin American exchanges and OTCs to launder the funds. This incident indicates the growing threat of risk to the centralized exchange.
Centralized exchanges are the primary target of hackers
In 2025, centralized exchanges have become a prime target for hackers, with hacks both accelerating in frequency and severity.
According to the Crypto Crime Report by Chainalysis, the market lost $2.47 billion on the 1st of this year, surpassing $2.2 billion that was reported in the previous year.
The Bybit hack attributed to the Lazarus Group of North Korea saw $1.5 billion in Ethereum stolen, marking the largest crypto heist ever. Other significant breaches include DMM Bitcoin and WazirX, highlighting a vulnerability in private key management and multi-signature wallets.
Malicious actors are increasingly employing methods like malware, phishing, and social engineering, with 43.8% of 2024 losses linked to compromised private keys.
Centralized exchange, large asset pools, and occasional security lapses make them attractive targets; the growing complexity of attacks demands stronger protocols and user education.
A quick update on the crypto market price
According to the data from CoinMarketCap, the cryptocurrency market capitalization is $3.33 trillion, with a slight loss of 0.75% and the trading volume is $93.47 billion.
At the same time, the crypto fear and greed index was at 51, indicating neutrality in the market. Bitcoin is now priced at $108,350, and Ethereum is at $2,525 with a decline of 1.1%.
The intraday gainers have been topped by Bonk, followed by Pudgy Penguins, XDC Network, Four, Fartcoin, Nexo, Hyperliquid, and Maple Finance. The losers in the same frame are Celestia, UniSwap, Immutable, Dogwifhat, Optimism, Ethena, and Aptos.
