The Bangladesh Central Bank has fallen victim to a $101 million bank hack and the country believes it can recover all of its lost money, some of which has already been seized.
“We are optimistic about recovering the money we lost,” A.F.M Asaduzzaman, a spokesman for the Bangladesh bank said.
Bangladesh’s Finance Minister Abul Mall Abdul Muhith will make an announcement about the stolen funds on Monday or Tuesday, according to Muhith’s spokesman.
The money disappeared after bank robbers were able to make five transfers from the Bangladesh bank’s account at the New York Fed.
The request was approved because it appeared to come from a Bangladesh server, and the criminals supplied the correct bank codes to authenticate the transfers, the New York Fed said.
Of the $101 million they stole, $80 million ended up in accounts located in the Philippines, and $21 million went to Sri Lankan accounts.
The Bangladesh Central Bank said it has recovered all the money it lost to Sri Lankan accounts, and has successfully frozen the accounts in the Philippines. It is “working closely” with the Philippine’s Financial Intelligence agency to recover the money.
The robbers tried to steal an $850 million but the New York Fed denied those transactions.
The funds were stolen on February 5. They were being held by the New York Fed, which maintains that it was not hacked.
The Anti-Money Laundering Council in the Philippines will announce charges against the robbers on Tuesday, according to the Wall Street Journal.
While spoofing servers to steal money is a common practice, it’s not so often that such a large sum of cash is targeted.