JEEZUS! "Chinese Hackers Break Into NY Fed, Steal $100 Million From..."

[Nxtblg]

To think I thought the cryptocurrency frontier was the place to find the bad guys!

Chinese Hackers Break Into NY Fed, Steal $100 Million From Bangladesh Central Bank

Reports indicate that some of the stolen funds were traced to the Philippines, but given what we know about the "Cyber Axis of Evil," we can only suspect it was Iranians, Chinese, or the criminal/military mastermind Kim Jong-Un who was behind the scam, but whatever the case, someone, somewhere, hacked into Bangladesh's central bank on February 5.

According to Reuters [6], "some of the funds" have been recovered, but the bank didn't initially say how much or how much was initially stolen. We suppose that theoretically it could have been a rather large sum, as the country has around $26 billion in FX reserves on hand:...

But just moments ago we learned from the AFP [7] that the amount lost was around $100 million. "Some of the money was then illegally transferred online to the Philippines and Sri Lanka, a central bank official told AFP on condition of anonymity."

"The bank reported that the USD 100 million was leaked into the Philippine banking system, sold to a black market foreign exchange broker and then transferred to at least three local casinos," AFP continues, adding that "the amount was later sold back to the money broker and moved out to overseas accounts within days."

And here's the punchline: According to AFP, Chinese hackers have been blamed and the money was stolen from accounts held at the New York Fed...

Full post, incl. pictures and graphs, here in printable: http://www.zerohedge.com/print/526062

With comments: http://www.zerohedge.com/news/2016-03-07/chinese-hackers-break-ny-fed-steal-100-million-bangladesh-central-bank

[Melech]

Similar to the report I saw

http://www.reuters.com/article/us-bangladesh-bank-idUSKCN0W91RY

Bangladesh's central bank said on Monday its account at the U.S. Federal Reserve had been hacked and money was stolen, but that some of the funds were traced to the Philippines and recovered.

Bangladesh's central bank has around $28 billion in foreign currency reserves.

[Kotone]

Trace to the phillipines and discovered? So theres a filipino hacker associated with chinese?

If its chinese then its chinese.

Edit: I forgot to read the link.
Now i know why.

[Nxtblg]

Slightly different from the report I saw saying they only had $28 million, not $100

http://www.reuters.com/article/us-bangladesh-bank-idUSKCN0W91RY

Bangladesh's central bank said on Monday its account at the U.S. Federal Reserve had been hacked and money was stolen, but that some of the funds were traced to the Philippines and recovered.

Bangladesh's central bank has around $28 billion in foreign currency reserves.

It says the same thing. $100 million of the Bangladesh government's total reserves of $28 billion were grabbed.

[galdur]

The New York Federal Reserve, where Bangladesh has an account along with other foreign central banks, later on Monday denied that its systems were breached.

“To date, there is no evidence of any attempt to penetrate Federal Reserve systems in connection with the payments in question, and there is no evidence that any Fed systems were compromised,” a New York Fed spokeswoman said in response to queries about the Bangladesh claim.

The U.S. central bank’s New York branch did not say whether funds had been drained from the account, or whether it was investigating the claim by its overseas counterpart.

Bangladesh’s central bank has around $28 billion in foreign currency reserves....

http://atimes.com/2016/03/bangladesh-central-bank-says-us-account-hacked-fed-denies-breach/

[Melech]

Slightly different from the report I saw saying they only had $28 million, not $100

http://www.reuters.com/article/us-bangladesh-bank-idUSKCN0W91RY

Bangladesh's central bank said on Monday its account at the U.S. Federal Reserve had been hacked and money was stolen, but that some of the funds were traced to the Philippines and recovered.

Bangladesh's central bank has around $28 billion in foreign currency reserves.

It says the same thing. $100 million of the Bangladesh government's total reserves of $28 billion were grabbed.

The gawker article didn't mention how much was stolen, but you're right about the billion... I read that wrong

[Wapinter]

Slightly different from the report I saw saying they only had $28 million, not $100

http://www.reuters.com/article/us-bangladesh-bank-idUSKCN0W91RY

Bangladesh's central bank said on Monday its account at the U.S. Federal Reserve had been hacked and money was stolen, but that some of the funds were traced to the Philippines and recovered.

Bangladesh's central bank has around $28 billion in foreign currency reserves.

Bangladesh is a poor country.Whatever amount is stolen,is a great loss for them.Chinese government should stop encouraging their hackers and crack on them. hope the hackers get caught and punished for their misdeeds

[Melech]

Bangladesh is a poor country.Whatever amount is stolen,is a great loss for them.Chinese government should stop encouraging their hackers and crack on them. hope the hackers get caught and punished for their misdeeds

I don't even understand the problem here... If the money was stolen, can't they just take it back?... this isn't bitcoin, ACH transactions can be reversed, right?

[Nxtblg]

Slightly different from the report I saw saying they only had $28 million, not $100

http://www.reuters.com/article/us-bangladesh-bank-idUSKCN0W91RY

Bangladesh's central bank said on Monday its account at the U.S. Federal Reserve had been hacked and money was stolen, but that some of the funds were traced to the Philippines and recovered.

Bangladesh's central bank has around $28 billion in foreign currency reserves.

It says the same thing. $100 million of the Bangladesh government's total reserves of $28 billion were grabbed.

The gawker article didn't mention how much was stolen, but you're right about the billion... I read that wrong

'Sokay; glad to help. I've had days like that myself. (To be candid, I've had lots of days like that!)

[aardvark15]

The good thing is that it was fiat and not bitcoin, because that would probably never be recovered.  That is one of my biggest concerns with crypto currencies.

[Wilikon]

To think I thought the cryptocurrency frontier was the place to find the bad guys!

Chinese Hackers Break Into NY Fed, Steal $100 Million From Bangladesh Central Bank

Reports indicate that some of the stolen funds were traced to the Philippines, but given what we know about the "Cyber Axis of Evil," we can only suspect it was Iranians, Chinese, or the criminal/military mastermind Kim Jong-Un who was behind the scam, but whatever the case, someone, somewhere, hacked into Bangladesh's central bank on February 5.

According to Reuters [6], "some of the funds" have been recovered, but the bank didn't initially say how much or how much was initially stolen. We suppose that theoretically it could have been a rather large sum, as the country has around $26 billion in FX reserves on hand:...

But just moments ago we learned from the AFP [7] that the amount lost was around $100 million. "Some of the money was then illegally transferred online to the Philippines and Sri Lanka, a central bank official told AFP on condition of anonymity."

"The bank reported that the USD 100 million was leaked into the Philippine banking system, sold to a black market foreign exchange broker and then transferred to at least three local casinos," AFP continues, adding that "the amount was later sold back to the money broker and moved out to overseas accounts within days."

And here's the punchline: According to AFP, Chinese hackers have been blamed and the money was stolen from accounts held at the New York Fed...

Full post, incl. pictures and graphs, here in printable: http://www.zerohedge.com/print/526062

With comments: http://www.zerohedge.com/news/2016-03-07/chinese-hackers-break-ny-fed-steal-100-million-bangladesh-central-bank

 

[Nxtblg]

To think I thought the cryptocurrency frontier was the place to find the bad guys!

Chinese Hackers Break Into NY Fed, Steal $100 Million From Bangladesh Central Bank

Reports indicate that some of the stolen funds were traced to the Philippines, but given what we know about the "Cyber Axis of Evil," we can only suspect it was Iranians, Chinese, or the criminal/military mastermind Kim Jong-Un who was behind the scam, but whatever the case, someone, somewhere, hacked into Bangladesh's central bank on February 5.

According to Reuters [6], "some of the funds" have been recovered, but the bank didn't initially say how much or how much was initially stolen. We suppose that theoretically it could have been a rather large sum, as the country has around $26 billion in FX reserves on hand:...

But just moments ago we learned from the AFP [7] that the amount lost was around $100 million. "Some of the money was then illegally transferred online to the Philippines and Sri Lanka, a central bank official told AFP on condition of anonymity."

"The bank reported that the USD 100 million was leaked into the Philippine banking system, sold to a black market foreign exchange broker and then transferred to at least three local casinos," AFP continues, adding that "the amount was later sold back to the money broker and moved out to overseas accounts within days."

And here's the punchline: According to AFP, Chinese hackers have been blamed and the money was stolen from accounts held at the New York Fed...

Full post, incl. pictures and graphs, here in printable: http://www.zerohedge.com/print/526062

With comments: http://www.zerohedge.com/news/2016-03-07/chinese-hackers-break-ny-fed-steal-100-million-bangladesh-central-bank

 

Are they blaming Bitcoin yet?

[galdur]

Sources: Actually it was Putin and he stole 30 billion dollars from the FED itself between cups of tea but they´re too ashamed to admit that so they came up with this Chinese spin and Bangla Desh. Bangla Desh? It´s something you forget in about fifteen seconds.

[Wapinter]

Bangladesh is a poor country.Whatever amount is stolen,is a great loss for them.Chinese government should stop encouraging their hackers and crack on them. hope the hackers get caught and punished for their misdeeds

I don't even understand the problem here... If the money was stolen, can't they just take it back?... this isn't bitcoin, ACH transactions can be reversed, right?

Read the full story.The money has changed many hands and sent to different location after it was stolen.It will take some time to recover it