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

Goldhedge

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#1
Chinese Hackers Break Into NY Fed, Steal $100 Million From Bangladesh Central Bank


Submitted by Tyler Durden on 03/07/2016

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, "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 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...



("They stole about this much, I'd say")

This afternoon, the Fed was out with the official denial, saying only this to Reuters: “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.”

Was Dudley penetrated then, or not? We'll have to wait on the official investigation.
 

REO 54

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#2
Too funny. Couldn't happen to a better institution. Turn around is fair play....lol
 

southfork

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#3
So the Fed prints another 100m whats the big deal and why would Bangladesh have 100m in the feds control? And where did this piss ass broke country get 100m
 

FunnyMoney

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#4
They are stealing it from themselves. In today's electronic world of finance, if you control the show, you are the house in a casino without oversight.

Just like when a nation sells gold to push the price down, but at the same time the leaders making that decision buy as much as they can for their own personal accounts.
 

Silvergun

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#5
Why are these not acts of war? Does the US let them get away with this? Is it because the US does it at a much higher rate, so even if they take a few hits the overall gain is worth it? Tech hacks seem like the biggest loss as poeple said above they could just print more money.

The average joe, myself included does not understand how a lot of these "hacks" take place. In fact, they could be used to advance agendas quite easily because the population acknowledges they happen yet lacks the insight to understand the predicament.

Insert a scenario:
Bank Bail in, cease personal accounts. North Korea or Iran or Venezula (insert group TPTB want to target this time around) has hacked a US bank or multiple banks simultaneously. Account holders lose 50% of their account. Sorry. What would the people do about it? Nothing. Would they be pissed? Yes. This is a two birds with one stone situation for TPTB. Rile up the people to support war on a group while also lining their pockets to distribute wealth as they see fit.
 
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Uglytruth

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#6
Here I'll make a contribution to their loss. 000000000000000000011111111111111111111111111111110000000000000000000000000000000011111111111111111111111111110000000000000000000000000111111111111111111111111
 

Goldhedge

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I guess going electronic is the way to go these days... that's what the big push is right?
 

the_shootist

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So the Fed prints another 100m whats the big deal and why would Bangladesh have 100m in the feds control? And where did this piss ass broke country get 100m
You stole my thunder. That was my first thought!
 

FunnyMoney

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#9
Thefts of electronic fund between the big banks is show. The insiders claim there's been a theft but actually they themselves have set up these thefts and collect the proceeds. I have been told by very high level systems engineers that electronic fund transfers can ALWAYS be traced and have safeguards that allow restitution for when a transfer has been breached through fraud - same thing if someone steals a personal check from you, then writes out an amount and forges your name and then goes to cash it, even if they get the money, you are not liable for the fraud and you get your money back as long as you report it within a certain amount of time.

Less computer savy, uneducated public believes theft of electronic money is actually taking place by competing parties or by outside mafias when the truth is all of the thefts are inside jobs and then some story is fabricated about Chinese hackers.