The perpetrators managed to compromise Bangladesh Bank's computer network, observe how transfers are done, and gain access to the bank's credentials for payment transfers. The theft happened sometime between February 4–5, 2016, when Bangladesh Bank's offices were closed for the weekend. Events īangladesh Bank Building in Motijheel commercial area, DhakaĬapitalizing on weaknesses in the security of the Bangladesh central bank, including the possible involvement of some of its employees, perpetrators attempted to steal US$951 million from the Bangladesh Bank's account with the Federal Reserve Bank of New York. In both cases, the perpetrators were suspected to have been aided by insiders within the targeted banks, who assisted in taking advantage of weaknesses in the banks' access to the SWIFT global payment network. In 2013, the Sonali Bank of Bangladesh was also successfully targeted by hackers who were able to remove US$250,000. The 2016 cyber-attack on the Bangladesh Bank was not the first attack of its kind. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network is used to communicate with the bank holding the foreign exchange account in order to withdraw, transfer, or deposit the currency. As of September 2020, Bangladesh has a foreign currency reserve of US$39 billion.
The foreign currency reserve of Bangladesh, a growing economy, often reaches multiple billions of US dollars. Like many other national banks, Bangladesh Bank, the central bank of Bangladesh, maintains an account with the Federal Reserve Bank of New York to deposit, maintain, and transfer foreign currency reserve of Bangladesh.
However, as of 2018 only around US$18 million of the US$81 million transferred to the Philippines has been recovered. All the money transferred to Sri Lanka has since been recovered. The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to US$850 million, due to suspicions raised by a misspelled instruction. Five of the thirty-five fraudulent instructions were successful in transferring US$101 million, with US$20 million traced to Sri Lanka and US$81 million to the Philippines. Thirty-five fraudulent instructions were issued by security hackers via the SWIFT network to illegally transfer close to US$1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank, the central bank of Bangladesh. The Bangladesh Bank robbery, also known colloquially as the Bangladesh Bank cyber heist, was a theft that took place in February 2016. The Federal Reserve Bank of New York Building
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