Brazilian authorities have arrested a suspect linked to a major cyberattack that siphoned more than 540 million reais (approximately $100 million) from the nation’s banking system, officials announced on Friday.
The cyber breach targeted Brazil’s popular instant payment platform, PIX, which is used by over 76% of the population, News.Az reports, citing AP News.
The attackers infiltrated C&M, a financial software firm that serves as a critical bridge between banks and the Central Bank for processing PIX transactions.
According to São Paulo police, the reported $100 million loss stems from a single financial institution partnered with C&M, suggesting that total damages could be significantly higher as investigations expand.
Authorities identified the suspect as João Roque, an IT employee at C&M. He allegedly played a central role in the breach by providing access credentials to hackers.
“Roque confessed to selling his credentials to a criminal group that approached him earlier this year,” police said in a statement.
The extent of Roque’s involvement and the identities of the other individuals in the hacking network remain under investigation. The Associated Press reported that attempts to contact Roque's legal representatives were unsuccessful as of Friday.
The incident has raised serious concerns over the security of Brazil’s financial infrastructure, especially the resilience of the PIX system, which has become a cornerstone of digital payments in the country since its launch in 2020.
Officials say the investigation is ongoing and further arrests may follow as they work to track the stolen funds and dismantle the cybercriminal network behind the attack.
