according to the materials from the site - By Tokentopnews.com
The Kenyan bank, anonymized as 'XYZ Bank', was hacked, resulting in IT contractors stealing 4 million dollars. The theft was carried out using low-level security protocols, and the funds, converted into USDT, were transferred through virtual offshore wallets.
The incident revealed issues with IT systems managed by contractors and demonstrated potential risks and problems for the financial industry. The bank faced immediate consequences, and an investigation is currently underway.
The cyber heist of 4 million dollars targeted 'XYZ Bank' through IT contractors who lowered security levels to use card protocols, allowing the creation of illegal virtual cards. The investigation is being conducted by the Kenyan Criminal Investigations Department. Arrests are imminent.
The stolen funds, converted into USDT, were distributed across several offshore wallets. This money laundering tactic complicates the recovery of assets and creates significant difficulties for investigators working on the case. Industry observers note a rising trend of cybercrime perpetrated by insiders in African financial institutions. Stablecoins like USDT are increasingly used for money laundering due to their anonymity and global reach. This reflects a broader global trend in the use of virtual currencies for illegal activities.
It has been noted that cybercriminals are using virtual currencies to move illegally obtained income. — FRC report
Technological and regulatory outcomes are expected, including increased oversight of IT contracts. The Kenyan Financial Reporting Centre warns of insider threats and highlights the risks of outsourcing IT infrastructure. To prevent future breaches, a transition to more secure protocols is strongly recommended.