TechFlow news, July 13 — According to Techbuild, a major bank in Kenya recently suffered a serious internal attack resulting in the theft of approximately 500 million Kenyan shillings (about USD 4 million). The investigation revealed that the perpetrators were an external contractor responsible for the bank's IT systems. They manipulated the card management system to generate virtual cards linked to mobile wallets, then swiftly transferred the funds.
The stolen funds were laundered into multiple offshore wallets, with the stablecoin Tether (USDT) playing a key role in the money laundering process, making the financial trail harder to trace. The Directorate of Criminal Investigations (DCI) in Kenya has launched an investigation and is working with the bank's cybersecurity team to track the hackers' activities. Officials indicated that suspects are expected to be arrested soon.
