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   26  Add to Reading List
Brazil’s Finance Minister Defends Drex Tokenization Plan
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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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