Kenyan Bank Faces Major Internal Cyberattack Resulting in Significant Loss

According to PANews, a major Kenyan bank has fallen victim to a severe internal cyberattack, resulting in the theft of 500 million Kenyan shillings (approximately $4 million) by contractors responsible for its IT infrastructure. Insiders revealed that the group manipulated the bank's card management system to create unauthorized virtual cards linked to mobile wallets. Since then, the stolen funds have been transferred through a complex network of transactions, including the use of cryptocurrency, making the funds nearly untraceable. Investigations indicate that the stablecoin Tether (USDT) played a central role in the money laundering process. The funds were moved to multiple offshore wallets, complicating recovery efforts. The Directorate of Criminal Investigations (DCI) in Kenya has launched a formal investigation into the data breach and is collaborating with the bank's internal cybersecurity team to determine the specifics of the attack. Officials have stated that arrests of those involved are expected soon.