[Bangladesh2024 Campaign] 20. Bank Heist

On February 4-5, 2016, Bangladesh Bank, the central bank of Bangladesh, was robbed of approximately $1 billion in deposits at the Federal Reserve Bank of New York.

 

 

The actual amount stolen was $950 million, but is often referred to in the literature as $1 billion for convenience. In Korean Won, that's about 1.3 trillion won, making it the largest bank heist in history, including both brick-and-mortar and cyber bank heists.

 

 

The good news is that the robbery was only successful for $81 million. Hackers who broke into the Bangladesh Bank's computers requested the entire balance of the bank's deposits to be wired to 35 overseas accounts, but 30 of which were blocked by Federal Reserve, and only five orders to accounts in the Philippines and Sri Lanka were actually fulfilled.

https://nypost.com/2016/03/22/congresswoman-wants-probe-of-brazen-81m-theft-from-new-york-fed/

Congresswoman wants probe of ‘brazen’ $81M theft from New York Fed

 

Of the $20 million that was sent to a non-profit foundation account in Sri Lanka, the transfer was canceled and recovered due to Deutsche Bank's blocking, and of the $81 million that was sent to four accounts in the Philippines, $18 million has been recovered as of 2018, so the actual loss is $69 million.

https://www.dhakatribune.com/opinion/op-ed/122939/the-great-bangladesh-cyber-heist-shows-truth-is (5/12/2016)

The great Bangladesh cyber heist shows truth is stranger than fiction

 

Given that Bangladesh's foreign exchange reserves in 2016 were $30.3 billion, with a foreign debt balance of $45.2 billion, the country had a $15 billion deficit. In that context, a bank robbery by computer hackers, whether it's $1 billion or $69 million, is a serious matter for Bangladesh.

 

 

There are many theories as to who the cyber robbers were, but their identity remains unconfirmed. The U.S. government and British media have claimed that the the robbery was the work of a hacker group called Lazarus, and that the North Korean government is behind Nazalus.

https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery

Bangladesh Bank robbery - Wikipedia

 

Their claim is based on the fact that a hacker named Park Jin-hyuk left a digital trail during the Bangladesh bank robbery, and his internet activity was found to have a North Korean IP address. As a result, U.S. law enforcement agencies have placed an urgent international APB on Park.

 

 

In the UK, the media has been more active in investigating this bank robbery than the government. The BBC published a series of podcasts titled “The Lazarus Heist” with extensive coverage in 2021, publishing 10 episodes, and in 2023 published nine more episodes in a part two series.

https://www.youtube.com/watch?v=mCX-Px7H4h4&list=PLz_B0PFGIn4ccgXclIq9gdmf_nFNz-Og8&index=15

 

 

As the title and graphic of the BBC report suggests, the organization is convinced that North Korea is behind the Bangladesh bank robbery. BBC Korea has even posted a Korean translation of the summary of "The Lazarus Heist" series.

https://www.bbc.com/korean/international-57674041

라자루스 강도 사건: 북한은 어떻게 최정예 해커 부대를 만들어 냈나 - BBC News 코리아

 

However, after reviewing the U.S. government's report and the BBC's coverage, I believe there is no conclusive evidence that North Korea was behind the Bangladesh Bank robbery. There's no evidence that the man named Park Jin Hyuk is his real name, and it's only speculative whether the money actually went to North Korea.

 

 

In fact, there are rumors circulating in Bangladesh that the bank robbery was an inside job, or even that PM Hasina's son was involved, so there's simply not enough evidence to pin the culprit down.

https://asianews.network/tycoons-linked-to-ex-pm-hasina-syphoned-17bn-from-banks-says-bangladesh-bank-governor/

Tycoons linked to ex-PM Hasina syphoned $17bn from banks, says Bangladesh Bank governor

 

 

Whatever the case may be, the Hasina regime will not be able to escape blame for the Bangladesh Bank robbery, as it is a major incident of mismanagement by the Bangladeshi government. (JC, 11/20/2024)