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This month could barely have started any worse for some financial institutions in Brazil.

On 30 June 2025, C&M Software, a Brazilian company that provides a “bridge” helping the country’s central bank connect to local banks, revealed that it had been hacked.

800 Brazilian reals (approximately US $140 million) was stolen from the reserve accounts of six financial institutions as a result of the security breach.

In the wake of the attack, which made massive news headlines in Brazil, the country