A team from the Bangladesh Bank is currently in Manila to recover $15 million lost in a hack.
In early 2016, hackers managed to breach the security of the Bangladesh Banks systems, making off with a staggering $81 million. Although most of the money was channeled to casinos in the Philippines and withdrawn, $15 million remains missing. The Bangladesh Bank had been working together with different entities globally to recover the stolen funds.
The Bangladesh Bank team in Manila is working closely with Philippine authorities and their counterparts globally in an effort to trace the whereabouts of the funds and recover them. They have been collaborating with various financial institutions to track the money trail and potentially freeze accounts involved in the heist.
As of now, the Bangladesh Bank team in Manila has made significant progress in their efforts to recover the stolen funds. While $15 million still remains elusive, they remain optimistic that with continued collaboration and investigation, they will be able to trace and retrieve the missing money.
One of the main challenges faced by the Bangladesh Bank team in recovering the stolen funds is the complexity of the case. The hackers used sophisticated methods to cover their tracks, making it difficult to trace the money trail. Additionally, cooperation from different financial institutions and regulatory bodies has also been necessary, which can sometimes be a lengthy and bureaucratic process.
If the Bangladesh Bank is unable to recover the remaining $15 million, it would not only be a significant loss for the bank itself but also for the countrys economy as a whole. It would set a dangerous precedent for future cyber attacks on financial institutions, potentially leaving them vulnerable to similar breaches in the future. Additionally, it could damage the reputation of the banking sector in Bangladesh, affecting foreign investors confidence in the countrys financial systems.
Overall, the recovery of the stolen funds from the Bangladesh Bank hack remains a top priority for the bank and its team, as they continue to work tirelessly to track down the missing $15 million in Manila and around the world.
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Bangladesh Bank team in Manila to recover $15 million lost in hack.