Brazilian authorities are investigating a massive cyber heist that saw $100 million vanish from the Central Bank overnight. The theft targeted the country’s popular PIX instant payment system.
Insider Job?
Police have arrested a C&M employee, João Roque, suspected of selling his security credentials to hackers. Roque allegedly admitted to selling the credentials last year, allowing the hackers access to the system. Authorities are still trying to track down the hackers themselves, believing at least four others were involved.
How the Heist Went Down
The hackers exploited a weakness in the C&M system, a software company that connects banks to the central bank’s PIX network. Using Roque’s credentials, they initiated fraudulent PIX transactions, draining $100 million from various financial institutions in a single night.
Recovering the Funds
Authorities have managed to freeze roughly half of the stolen funds. They are working to identify and recover the remaining money and track down the other individuals involved in the crime. C&M, the software company, claims the breach was due to compromised credentials, not a system flaw, and is cooperating with the investigation.