Bank’s Swift Server Hacked Highlighting Superiority of Bitcoin’s Blockchain Approach

Swift, the international settlement network which connects 11,000 global banks has likely been hacked according to a report by BAE Systems.
‘An unknown attacker gained access to the Bangladesh Bank’s (BB) SWIFT payment system and reportedly instructed an American bank to transfer money from BB’s account to accounts in The Philippines.’
Sophisticated attack
As part of a sophisticated attack, a malware was installed on a Swift Alliance software server to cover tracks and evade detection by manipulating the security measures.
The attackers intended to transfer almost one billion dollars from Bangladesh Bank’s account at the Federal Reserve to other banks. It appears that the intrusion was detected due to a ‘spelling mistake in one transfer order’ according to the BBC, before the full funds could be transferred. Almost $100 million are however still unaccounted.
BAE Systems researchers state:
‘This malware was written bespoke for attacking a specific victim infrastructure, but the general tools, techniques and procedures used in the attack may allow the gang to strike again… This attacker put significant effort into deleting evidence of their activities, subverting normal business processes to remain undetected and hampering the response from the victim.’

This post was published at Coin Telegraph on 2016-04-26.