Uganda Central Bank Hacked: $16.8M Stolen

In Uganda, the Ministry of Finance confirmed the hacking of Central Bank accounts by hackers, but the damage was reportedly less severe than initially feared. A report by Reuters citing the state publication New Vision revealed this information.

The Central Bank of Uganda announced on Thursday that they are awaiting the results of a police investigation following reports of embezzlement of 62 billion Ugandan shillings (around $16.8 million) from the bank accounts. The hackers, who identified themselves as the Waste group, reportedly breached the bank’s IT system and transferred funds illegally overseas, as reported by New Vision.

A representative from the Ministry of Finance stated that the incident has been promptly handed over for investigation to the Criminal Department of the Police and the auditor’s office. The circumstances surrounding the incident are currently under scrutiny, with results expected to be disclosed later.

Sources from New Vision claimed that the hackers, believed to be located in Southeast Asia, sent some of the stolen funds to Japan. However, the Central Bank successfully recovered over half of the amount. On the other hand, another report by Bloomberg suggested that there could be internal involvement in the case, as several Central Bank and Ministry of Finance employees were questioned.