Categories: FinanceNews

Filipino President Vows To Retrieve Funds From Bangladesh Bank Heist

More details are being made public regarding the Bangladesh central bank heist through the Swift network a few months ago. As it turns out, the funds have made its way through Manila bank accounts. However, the president of The Philippines has vowed he will do everything he can to make sure the US$81m is returned to its rightful owners.

Another Plot Twist For The Bangladesh Central Bank Heist

Efforts to recover the money stolen from the Bangladesh central bank account a few months ago have been underway for quite some time now. So far, their efforts have not been leading to anything significant, albeit one of the bank’s teams is working on getting back US$15m of the stolen funds.

In total, US$18m of the US$81m stolen is accounted for and currently sits in bank accounts frozen by the casino regulator of The Philippines. For those who are unaware, this heist was funneled through several

Filipino casinos along the way, yet they thieves were unable to get all of the funds out again in time.



Getting back US$15m of those US$18m is a bigger challenge than originally anticipated, though. The Filipino Department of Justice asked the Bangladesh Bank to file a legal document so they can take their claim of owning this funds. However, the remainder of funds kept by casinos will have to be pursued through different means.

Related Post

At the same time, it is positive to see the Filipino President vowing he will do everything in his power to make sure all of the money is returned to the Bangladesh Bank. With US$18m within reach already, a first step is taken towards achieving that goal. When political heavyweights start throwing their weight around, a solution may be achieved sooner than expected.

For now, it is anybody’s guess as to if and when this situation will be resolved anytime soon. The Bangladesh Bank heist has brought a lot of negative attention to the financial world, and there are still a lot of questions that need to be answered. But it is good to see some political commitment to solving this issue sooner rather than later.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

TRX Price Prediction: Tron Network Fee Cut to Spark New ATH?

Back into Spotlight: Tron Network Fee Cut Could Push TRX to ATH, But This DeFi…

8 hours ago

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

12 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

15 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

15 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

15 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

16 hours ago