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Gamblers Laundered $50M In Stolen Bangladesh Reserves For “Elite North Korean Hackers” By Playing Baccarat

zerohedge.com / by Tyler Durden / Aug 4, 2017 10:40 PM

More than a year after a mysterious group of hackers infiltrated the SWIFT system for interbank payments and stole $100 million from the Central Bank of Bangladesh’s custody account at the New York Fed, Filipino authorities have been unable to recover $81 million that seemingly disappeared into the Manila air.

After being transferred to four accounts set up with fake credentials at the Jupiter Street Makati City, branch of Rizal Commercial Banking Corp (RCBC) in the Philippines, the money eventually found its way to an FX broker called Philrem, which split $50 million between two casinos and the remaining $31 million was delivered to a “Weikang Xu” in cash.

Not much is known about what happened to the $31 million after it was moved to Manila. But after receiving unreleased documents from the Philippines Senate investigation, Bloomberg has published the most comprehensive account to date explaining how two casino junket operators helped launder $50 million in the VIP rooms of Manila’s casinos by betting on games of Baccarat.

According to Bloomberg’s anonymous sources, North Korea and its “elite” hacking squad “the Lazarus Group” are believed to be behind what was the largest cyberheist in history.

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