Keystone Law Advises Bangladesh Central Bank on Recovery from 2016 Billion‑Dollar Cyber Heist

Keystone Law, Brown Neri Smith & Khan, SIA & Associates and a Philippines law firm have been instructed by Bangladesh Central Bank to pursue recovery of funds stolen in the 2016 cyber heist. The case concerns a 2016 cyberattack in which criminals breached Bangladesh Bank’s computer network and stole credentials used for its Federal Reserve Bank of New York account and for the SWIFT messaging system. The attackers transmitted roughly 35 fraudulent transfer instructions, totalling nearly $1 billion, to move funds from the Bank’s US account to various accounts overseas. While some funds have been recovered, a tranche routed through accounts in the Philippines and subsequently laundered has not yet been recovered. This incident, regarded as the largest cyber heist against a central bank, has attracted wide public attention. The international legal team is tracing and seeking recovery of the stolen assets, pursuing punitive damages and other relief in ongoing civil litigation in New York, and will oversee related legal proceedings in other jurisdictions. Keystone Law represented Bangladesh Central Bank with a team composed by: Dharmendra Nair, Dispute Resolution partner, specialising in commercial litigation and international arbitration. Brown Neri Smith & Khan represented Bangladesh Central Bank with a team composed by: Ryan Abbott, attorney (U.S. counsel). SIA & Associates represented Bangladesh Central Bank with a team composed by: local Bangladeshi counsel. A Philippines law firm represented Bangladesh Central Bank with a team composed by: local Philippine counsel.

Keystone Law Advises Bangladesh Central Bank on Recovery from 2016 Billion‑Dollar Cyber Heist

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