Authorities in Brazil have arrested an employee of a major software company in connection with a massive theft involving the country’s instant payment platform, PIX. Over $100 million was reportedly stolen through the system.
Local media and the Associated Press reported that João Roque, a staff member at C&M Software, was taken into custody after admitting to selling his login credentials to hackers. Roque, who worked on the company’s IT team, played a key role in helping the attackers access PIX, which is connected to Brazil’s Central Bank and the nation’s financial institutions.
According to TV Globo, Roque, 48, told police that he was approached by hackers at a bar earlier this year. They offered him money in exchange for his account information. He allegedly received around $2,700 in two cash installments for his credentials. The hackers then guided him through several steps, including setting up new accounts and enabling remote access to systems.
Police said the group managed to steal over 540 million Brazilian reais — about $98.3 million — from at least one financial institution. However, they believe more banks and lenders were affected, with TV Globo reporting that at least six institutions were targeted.
As a result of the breach, the Central Bank has suspended parts of C&M Software’s access to the PIX system. Authorities have identified at least four individuals involved in the attack and are actively searching for them. So far, around 270 million reais (approximately $49 million) connected to the fraud has been frozen by investigators.
C&M Software, one of eight companies authorized by the Central Bank to link their systems with financial institutions, told local news outlets that it is fully cooperating with the investigation.
“The company is a direct victim of criminal action, which included the misuse of credentials to attempt to fraudulently access its systems and services,” C&M Software said in a statement to TV Globo last week.
On the messaging app Telegram, well-known crypto investigator Zachary Wolk, also known online as ZachXBT, said he has been monitoring the movement of the stolen funds. He reported seeing between $30 million to $40 million being converted into Bitcoin, Ethereum, and USDT.
The case has raised serious concerns over the security of Brazil’s financial systems and highlighted how insider threats can play a critical role in large-scale cybercrimes.
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