How Hackers Stole $100M from the New York Fed
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How Hackers Stole $100M from the New York Fed
1–10 of 87 posts
Re: How Hackers Stole $100M from the New York Fed
#2If the funds were sent to casinos, shouldn't the casinos have logs of what the money was used for?
Re: How Hackers Stole $100M from the New York Fed
#3Misleading headline, given the first line of the piece is "The story of the theft of $100 million from the Bangladesh central bank"
Re: How Hackers Stole $100M from the New York Fed
#4Misleading headline, given the first line of the piece is "The story of the theft of $100 million from the Bangladesh central bank"
The money was held in the Fed.
Re: How Hackers Stole $100M from the New York Fed
#5Misleading headline, given the first line of the piece is "The story of the theft of $100 million from the Bangladesh central bank"
The money was the Fed's money but it was stolen by hacking the Bangladesh CB. It is both true and misleading.
Re: How Hackers Stole $100M from the New York Fed
#6If the funds were sent to casinos, shouldn't the casinos have logs of what the money was used for?
Have you ever been to a casino? You buy chips with cash, then you play with the chips, then you cash the (remaining) chips in for cash. There is no tracking of where each chip came from.
EDIT: Although maybe you're right, if the "gamblers" deposited funds to the casino via wire, direct from the fed, and then exchanged them for chips. So the casinos should presumably have some record of who came to claim that wire in chips.
Re: How Hackers Stole $100M from the New York Fed
#7The page this article is on is a exhibit A of how broken the internet has become.
Re: How Hackers Stole $100M from the New York Fed
#8The page this article is on is a exhibit A of how broken the internet has become.
Agreed. I had to navigate away quickly. Which is a shame because the article was interesting.
Re: How Hackers Stole $100M from the New York Fed
#9If the funds were sent to casinos, shouldn't the casinos have logs of what the money was used for?
unlikely.
The best way to legally launder money is to use a casino. You bring in your dirty money, exchange it for chips. Then sit on your chips for a week, maybe a month, then go back and cash out your chips for clean money.
Meanwhile, all the cash you moved through the casino is now scattered to some 50-100 different banks as it gets deposited in their daily drops and then transferred as necessary between the banks. In a few weeks, the dirty money is albeit untraceable.
Re: How Hackers Stole $100M from the New York Fed
#10Misleading headline, given the first line of the piece is "The story of the theft of $100 million from the Bangladesh central bank"
Yeah the article's title is true but misleading.
They hacked the Bangladesh Central Bank, but stole money from the New York Fed. It is even debatable if the NY Fed is even at fault given that the hackers had legitimate credentials to make the transfer (the Bangladeshis are arguing that the NY Fed is still responsible because they should have flagged the Casinos as unusual and stopped it).
You'd think that with accounts as large as these they would have a "whitelist" of valid accounts to transfer funds to, and some long convoluted process to add additional whitelist entries.