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Businessweek
The Heist Issue

The Biggest Digital Heist in History Isn’t Over Yet

Carbanak’s suspected ringleader is under arrest, but $1.2 billion remains missing, and his malware attacks live on.

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Illustration: Keith Rankin

As night fell in Taipei on July 10, 2016, most people in the city were hunkered down to ride out the end of a typhoon. Not Sergey Berezovsky and Vladimir Berkman. The two Russians made their way through the rain to an ATM at First Commercial Bank, one of Taiwan’s top lenders. Wearing hats and antipollution masks, they loitered at the machine for a moment. Then, as the astonished couple in line behind them later told the police, the ATM started disgorging cash without either man touching it. The men shoved the bills into a satchel and brushed past them. As the Russians drove off in a black sedan, the couple spotted something on the ground: One of the guys had dropped his bank card.

By the time detectives traced Berezovsky and Berkman to the nearby Grand Hyatt the next day, the Russians had already jetted off to Moscow by way of Hong Kong. And they were just two of 15 “money mules” who’d hit 41 ATMs at 22 branches of First Commercial over that stormy weekend, the cops learned, taking 83 million New Taiwan dollars (NT$), or about $2.6 million. Hackers, investigators discovered, had forced the machines to spit out cash.