Central Bank Heist: Uganda's $16.8 Million Cyber Theft

Hackers stole 62 billion Ugandan shillings from the Bank of Uganda. Identifying as 'Waste,' they transferred funds overseas. The central bank recovered half of the money, and President Museveni initiated an investigation. Cyber thefts in Uganda's financial sector are not uncommon, but banks often withhold acknowledgment.

The Bank of Uganda is under scrutiny following news reports of a significant cyber theft. Hackers reportedly made off with 62 billion Ugandan shillings, about $16.8 million.

The group, known as 'Waste,' accessed the central bank's IT systems and illicitly transferred funds, allegedly sending part to Japan. President Museveni has ordered a thorough investigation into the matter.

Previous cyber theft incidents in Uganda highlight financial institutions' reluctance to disclose such events for fear of losing customer trust. The police investigation continues as financial transparency takes center stage.

(With inputs from agencies.)