Published: Sun, March 26, 2017
Economy | By Melissa Porter

DoJ Sees Bangladesh Heist Tie to North Korea

DoJ Sees Bangladesh Heist Tie to North Korea

The sanctions appear to be the preferred punitive measures when the government believes that the suspected lawbreakers are unlikely to land in U.S. custody. "Twelve units are trying to extinguish the fire and is now nearly under control".

Way back in February 2016, it emerged that $81 million had disappeared from the central bank of Bangladesh's account at the New York Federal Reserve and reappeared in accounts in the Philippines, in a mysterious act of cyber-robbery that felt straight out of a Hollywood screenplay. Cyber infiltrators from North Korea may have been involved in the crime.

FBI officials have been leading an global investigation after the Bangladesh Bank's funds went missing in February 2016, amounting to one of the biggest bank robberies in modern times.

The moderator of the event, former Assistant Attorney General for National Security John Carlin, quickly followed up: "Do you believe that there are nation states now robbing banks?"

Still, Ledgett's remarks studiously avoided any reference to what evidence the agency has collected on the Bangladesh Bank heist.

NORTH Korea's despotic leader and his cronies are being investigated by the Federal Bureau of Investigation over claims they were involved in a $1 BILLION bank scam.

The branch of the United States central bank rejected most of the requests but filled some of them, resulting in £75m disappearing into casinos and other businesses in the Philippines.

According to sources Wednesday, cited by the Wall Street Journal, U.S. prosecutors are building a case that would target Chinese middlemen who allegedly helped the reclusive East Asian nation organize the theft.

To carry out the original theft, hackers reportedly hacked into software from the SWIFT financial platform, a global network that is sometimes used to request worldwide money transfers between banks, according to The New York Times. These individuals, or businesses, could reportedly face sanctions.

On Tuesday, National Security Agency deputy director Rick Ledgett was asked by an Aspen Institute roundtable moderator whether he believed nation states were now in the business of robbing banks, to which Ledgett replied in the affirmative. After gaining access to the SWIFT credentials of the bank, the attackers were able to send messages to the New York Fed requesting the release of funds.

In other North Korean banking news, last week, SWIFT said that it was disconnecting the last four remaining North Korea banks that were still connected to its money-transfer communications network. Those issues were later attributed to malicious code targeted at those systems to keep them from tracking and reporting the transactions that were taking place. This was a very coordinated attack.

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