INSUBCONTINENT EXCLUSIVE:
Wednesday, leading to 800 million Brazilian reais ($140 million), in stolen funds from six institutions connected to the central bank.The
hack occurred after an employee of C&M allegedly sold his login credentials to the threat actor for roughly $2,700, allowing them to access
the hackers converted an estimated $30 million to $40 million of the stolen funds to Bitcoin (BTC), Ether (ETH) and USDt (USDT), which they
laundered through Latin American exchanges and over-the-counter (OTC) trading platforms.The incident highlights the growing risk of
cybersecurity threats facing centralized software systems and servers, where single points of failure can lead to significant financial
losses or the theft of sensitive data.Brazilian police arrest a man they said is a C&M employee accused of selling login credentials to
Source: Sao Paulo GloboRelated: Crypto losses hit $2.5B in first half of 2025, but hacks fall in Q2: CertiKCentralized digital systems are
inherently vulnerable to hacks, infiltration, ransom attempts and software exploits
hacks in Q3 and Q4 2024, as hackers turned their sights to digital platforms with single points of failure, according to Chainalysis.Attacks
on centralized services surged in 2024
Source: ChainalysisEran Barak, CEO of Shielded Technologies, the developer behind the Midnight data protection blockchain, told
returns in targeting centralized systems that can contain millions of passwords, sensitive documents or billions of dollars in capital,
which makes these systems attractive targets.Decentralized blockchain technologies like zero-knowledge proofs (ZKPs) remove this temptation
by forcing hackers to target individual wallets or accounts instead of a centralized database containing millions of records, Barak
