Brazil’s Finance Minister Defends Drex Tokenization Plan

Following a $140M bank breach tied to crypto laundering, Fernando Haddad reaffirms support for Drex and digital infrastructure reforms.

Business Sep 29, 2025 0 12 Add to Reading List

Brazil’s Finance Minister Defends Drex Tokenization Plan

Brazil’s Finance Minister Fernando Haddad addressed growing cybersecurity concerns and reaffirmed support for Drex, the country’s tokenized financial infrastructure project, during a public interview on Saturday. His remarks follow July’s coordinated cyberattack on C&M Software, a central infrastructure provider for the Central Bank of Brazil, which enabled hackers to steal over $140 million from six Brazilian banks.

The breach, facilitated by insider credentials reportedly sold for just $2,700, quickly escalated into one of the country’s largest financial cybercrimes. According to on-chain analyst ZachXBT, up to $40 million of the stolen funds were laundered using Bitcoin, Ethereum, and Tether via Latin American crypto exchanges and OTC platforms.

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