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If this is the case, how was North Korea able to wire fraud $81 million USD from the Bank of Bangladesh [1] ? Why was this wire transaction not reversed? Appar
by gzer0 5y ago
If this is the case, how was North Korea able to wire fraud $81 million USD from the Bank of Bangladesh [1] ?
Why was this wire transaction not reversed? Apparently, they were about to get away with $1 billion USD but the hacker entered the global SWIFT code incorrectly by 1 character and so it was caught.
The fact that North Korea made off with $81 million USD, however, is rather unsettling, and even more so the fact that this was not reversed / caught.
[1] https://www.bbc.com/news/stories-57520169 https://www.bbc.com/news/stories-57520169
- roywiggins 5y agoThey recovered $18m of that by grabbing one of the accounts it got sent to in the Philippines, so it was actually partially reversed.
- rags2riches 5y agoThey did of course not wire the money directly to North Korea. It was a multi-step process of money laundering, involving currency exchanges, cash and casinos, in several jurisdictions. Every authority along the way must be on board with the reversal. When the chain is broken, as when cash is laundered at a casino, somebody will be left holding the bag. You can't reverse the cash back out of thin air. Had all the money been found still sitting pretty in an account, I assume things would have eventually been all settled.