$17 Million Stolen in Ugandan Central Bank Cyberattack, Controversy Ensues

A cyberattack on the Bank of Uganda has sparked widespread controversy after hackers reportedly stole 62 billion Ugandan shillings (approximately $17 million) from the central bank’s accounts.

According to a report by New Vision, the hackers, believed to be a Southeast Asia-based group known as “Waste,” breached the bank’s systems. The stolen funds were allegedly funneled into accounts in Japan and the UK in September.

However, Daily Monitor offered a slightly different account, reporting that 47.8 billion shillings was stolen and suggesting the fraud was likely an inside job. The publication stated that several employees of the central bank and the Ministry of Finance have been interrogated as part of the investigation.

The Bank of Uganda has recovered about 37 billion shillings of the stolen funds but has not clarified the discrepancies in the reported amounts. An internal audit reportedly supports the theory of internal collusion.

Authorities are continuing to investigate the incident to determine the full scope of the fraud and those responsible. The breach has raised concerns about the security of Uganda’s financial systems and the need for more robust cybersecurity measures.