Brazil Bank Hack: ZachXBT Helps Freeze $5M in Crypto, Says Circle Refused to Cooperate

• ZachXBT tracked $40M in crypto after a $140M fiat theft via a C&M insider breach in Brazil.
• $5M in crypto has been frozen with help from Binance, Tether, Bitso, Bybit, and Chainalysis.
• ZachXBT publicly criticized Circle for not cooperating in the blockchain investigation.

A cyberattack on C&M, a software provider connected to the Central Bank of Brazil, led to a major financial breach on June 30. Hackers stole $140 million in fiat currency from reserve accounts linked to six financial institutions.

According to a developer’s claim, the attackers bought access credentials for just $3,000. This insider access gave them full entry to banking systems. ZachXBT confirmed that this matched the timeline of the incident he had been investigating.

Once inside, the attackers moved the stolen funds. ZachXBT said that about $40 million was converted from fiat to cryptocurrencies, including Bitcoin, Ethereum, and USDT. The operation went unnoticed at first, with no public alerts from authorities or the banks.

ZachXBT Traced Crypto Laundering Across Brazilian Exchanges

ZachXBT began tracking the movement of crypto soon after the incident. He noticed unusual volum…

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