OTC Exchanges help prevent $5 million bank heist in Brazil

A $5 million bank heist targeted the Spanish Multinational Financial Institution, Branco thwarted after the respective funds were confiscated by the over-the-counter crypto exchange.

The people responsible for the heist immediately tried converting the stolen funds into Bitcoin (BTC). However, this triggered many bank accounts to be frozen.

According to a report, Santander, a top official of the bank, initiated an investigation to find out how the funds were stolen. Currently, the investigation team is doing its best to figure it out.

The security of the bank needs drastic improvements, according to Santander.

Further details about the heist:

The initial suspicions started around mid-April, Branco Santander witnessed a series of irregularities in the accounts of a local street manufacturer named Gerdau. The account comprised eleven private transactions, which totaled up to five million dollars. The one thing which caught his eye was the fact that all of these transactions registered under a single IP address.

Santander immediately filed a complaint in the local police station, and the investigation took off.

According to the investigation, the stolen funds transferred to four individual OTC Bitcoin bank accounts.

The media reported that the eight people responsible for the heist mentioned that the bank accounts to which the transfer was made froze instantly. This got the attention of the police as the OTC traders immediately called the police.

According to an OTC trader, A bill or a receipt was required from the suspects as five million dollars was a considerable amount of money. When they couldn’t provide a statement, the trader got suspicious and froze their accounts.

The perpetrators carried the heist via the account of a corporate customer, Mundial Illumination.

After witnessing this incident, a public prosecutor expressed his opinions that this was vaguely similar to a corporate bank account invading another corporate bank account.