Well, someone in Brazil just pulled off a heist big enough to make Ocean’s Eleven look like amateur hour. $140 million in crypto vanished from multiple banks—poof, gone—like your altcoin gains in a bear market. welcome to another day of Crypto Wild West at the Hodl Report. Let’s dig into the digital smoke and mirrors.
Today’s Report
Crypto Heist: $140M Vanishes from Brazilian Banks
🚨 Our Report
Hackers exploited compromised credentials tied to Brazil’s PIX instant-payment system operator to siphon off around $140 million from banks—and launder approximately $40 million through crypto. The breach targets the backbone of Brazil's banking infrastructure, raising urgent questions about centralized dependencies.
🔓 Key Points
Massive breach: Hackers stole an estimated $140 million from Brazilian banks via PIX infrastructure accessed through compromised IT provider credentials.
Crypto laundering: Roughly $40 million of the theft was laundered through Bitcoin, Ethereum, and Tether, using a mix of OTC desks and exchanges.
Insider involvement: Authorities arrested at least one suspect—an IT employee at C&M—suspected of selling access credentials. Investigations are ongoing, with nearly $75 million already frozen.
PIX system vulnerability: The breach exploited weak spots in C&M’s link to Brazil’s payment system, prompting the Central Bank to halt some operations. The hack impacted banks, not individual account holders.
🔐 Relevance
This is not just another cybersecurity failure—it’s a wake-up call on the fragility of payment infrastructure. Brazil saw PIX adoption skyrocket to 76% of users, making this attack a stress test for national-scale systems. Now, regulators must weigh tighter controls on intermediaries, and operators must scramble to secure access, including countering social engineering. Tech meets finance meets geopolitics—and crypto laundering sits right at the intersection.
Our Take
A bunch of hackers hijacked credentials from a company running PIX, Brazil's SuperApp for payments, and blew through $140 million in one night—then funneled $40 million into crypto. They got caught up with, money frozen, and banks freaked out. Bottom line: PIX made paying easy, but maybe too easy—for the bad guys.
Today’s Top News
Headlines
Singapore Ends $2.2 B Money‑Laundering Case With Crypto‑Linked Fines — Singapore’s MAS slapped nine banks (including UBS and Citigroup) with S$27.5 million in fines over AML lapses linked to a massive $2.2 billion laundering operation involving crypto, real estate, and cash.
Czech Justice Minister Resigns Over $45 M Bitcoin Scandal — Minister Blazek stepped down after selling 500 BTC (~$45 million) received from a convicted felon without checks; the saga spurred a no-confidence vote and broad public outcry.
JPEX Exchange Withdrawals Spark $178 M Scandal — Hong Kong-based JPEX faces over 2,200 complaints after hiking withdrawal fees to 999 USDT, trapping users and triggering ~$178 million in unresolved losses
SharpLink Gaming (SBET) Shares Jump as Much as 26% as Ether Treasury Exceeds 200K ETH — SharpLink’s treasury now holds over 200K ETH, fueling a ~26% rally in SBET shares—highlighting the bullish narrative around ETH reserves.
Market Trendline
Price Action
🔍 Market Overview
Bitcoin’s hanging around $108–109 K, supported by inflows into ETFs and a pause in MicroStrategy’s purchases after a bullish quarter. Meanwhile, macro noise continues—Trump’s tariff threats are rattling tech stocks and zapping a bit of crypto volatility
🚀 Notable Movers
Bitcoin (BTC)
Holding steady near support at ~$108 K with an intraday dip to $107.5 K—buying interest stepped in quick. ETF inflows and institutional appetite are keeping bears at bay.Ethereum (ETH)
Rallied ~3% to breach $2,600, flirting with resistance in the $2,620–2,650 zone after technical support held near $2,500. The narrative of "digital oil" is alive—and well-oiled.Polygon (POL/MATIC)
Popped ~2.8% to ~$0.189, with a volume spike hinting at institutional accumulation and possible breakout setup. Worth watching this tight compression.Aave (AAVE)
Jumped ~5% to a three-week high near $290 on strong DeFi lending flow—TVL hit $26.4 B. DeFi fatigue? Not today.
🌐 Macro View
Washington’s getting crypto‑friendly: Trump’s filing for a “Blue Chip” crypto ETF, alongside Senate and House prepping fresh legislation, signal clearer structure ahead . Meanwhile, token unlocks like IMX, SXT, XTER next week could stir pockets of volatility .
📌 Bottom Line
Big caps are playing it safe—BTC and ETH holding firm, guided by technical supports and institutional flows. DeFi and layer‑2 plays (like Aave, Polygon) are where tactical traders can sniff for alpha. Macro signals look constructive heading into mid‑July, but token unlocks and geopolitics could torque things up in the short term.
Today’s Top Tweet
Crypto Twitter Never Sleeps
The Altcoin Index is stuck at 20
DEEP in $BTC season territory, far from the 75+ level that marks true altcoin season
This could be your chance to average into promising tokens before momentum hits
But don’t expect fireworks until sentiment flips positive
When alts move, they
— #Milk Road (#@MilkRoadDaily)
7:15 PM • Jul 7, 2025
How'd I do this week?
You made it to the bottom, congrats! I really appreciate you reading. If you enjoyed today’s content please share it with a friend and if you aren’t already subscribed please do!
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.