A cybercriminal group steals $17 million from Uganda's central bank in a complex attack. Investigations underway.
Kampala (EPICSTORIAN) – In a major breach of security, hackers infiltrated the Uganda’s central bank systems, making off with a staggering 62 billion Ugandan shillings, or roughly $17 million.
The cyberattack, which occurred in September, was orchestrated by a group identified as “Waste,” reportedly based in Southeast Asia, according to a report by New Vision on Thursday.
The publication, citing anonymous sources, revealed the extent of the financial theft, and although the bank has since recovered 37 billion shillings of the stolen funds, a large portion remains unaccounted for.
Uganda’s Central Bank Officials Involved Security Agencies to Investigate the Incident
The Bank of Uganda is now working with law enforcement agencies, including the police and the office of the Auditor General, in an ongoing investigation to track down the perpetrators. The institution has not responded to official inquiries from Bloomberg regarding the incident.
In a separate report, The Daily Monitor indicated that the total stolen amount was even higher, totaling 47.8 billion shillings. The funds were reportedly transferred to two foreign accounts—one in Japan and another in the United Kingdom.
According to the newspaper, the sophisticated nature of the fraud points to the possibility of an “inside job.” Several employees from the Bank of Uganda and the Ministry of Finance have already been questioned in connection with the theft, authorities have vowed to continue their efforts to trace the stolen funds.
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The cyberattack has raised serious concerns about the security of financial institutions in Uganda and the ability of the country’s central bank to protect its assets from increasingly sophisticated cybercriminals.
While police inquiries are still ongoing, the case highlights the growing threat of cybercrime targeting global financial systems, fueled by the dual-edged impact of emerging sophisticated technologies.
