Bloomberry Resorts Cleared of Wrongdoing in Cyberattack Lawsuit
LISTEN TO THIS ARTICLE:Bloomberry Resorts, the operator of Manila's Solaire Resort Entertainment City, has been cleared of any wrongdoing by a second court in the United States.
The company had been sued by Bangladesh Bank over data breaches related to a hacking attack that occurred in 2016. However, the Appellate Division of the New York Supreme Court recently issued a favorable decision in favor of Bloomberry Resorts, aligning with a previous ruling by the Supreme Court that dismissed the complaint.
The case centered around a cyberattack on Bangladesh Bank in 2016, carried out by a group of North Korean hackers. The hackers managed to steal $1 billion from the bank's accounts, but the Federal Reserve Bank of New York intervened and blocked most of the transfers, allowing $101 million to be siphoned off. Bangladesh Bank was able to recover $20 million, but the remaining $81 million remained unaccounted for.
In an effort to recover the missing funds, Bangladesh Bank accused Bloomberry Resorts and its subsidiary, along with other entities, of various serious crimes, including fraud, theft, and misappropriation. The bank alleged that the stolen funds had been funneled through casinos and gambling properties, used to purchase gaming chips, and played in junket rooms. Bangladesh Bank argued that the defendants failed to exercise due diligence in examining the source of the funds and reporting the matter promptly to the authorities.
However, with the recent court rulings in favor of Bloomberry Resorts, it is unlikely that Bangladesh Bank will be able to recoup any further funds. The Appellate Division's decision supported the previous ruling that dismissed the complaint, indicating that the court found no evidence of wrongdoing or negligence on the part of the defendants.
The dismissal of the complaint is a significant victory for Bloomberry Resorts, as it reaffirms the company's innocence and clears its name from any involvement in the cyberattack and subsequent financial transactions. The ruling also underscores the importance of proper cybersecurity measures and due diligence in the financial industry, highlighting the need for robust security protocols to prevent and mitigate cyber threats.
As Bloomberry Resorts emerges from this legal battle unscathed, it can focus on its operations and continue providing world-class entertainment and hospitality services at its Solaire Resort Entertainment City. The company can now direct its resources towards further enhancing its offerings and delivering exceptional experiences to its customers.
Bloomberry Resorts Focuses on Continued Growth
While Bangladesh Bank's efforts to recover the missing funds may have hit a roadblock with these court rulings, the case serves as a reminder of the ever-present threat of cyberattacks and the need for constant vigilance in safeguarding financial systems. It also emphasizes the importance of cooperation between financial institutions, regulatory bodies, and law enforcement agencies to combat cybercrime effectively.
As the legal proceedings conclude, Bloomberry Resorts can look forward to moving past this chapter and focusing on its continued growth and success in the gaming and entertainment industry. The company's exoneration, in this case, strengthens its reputation and positions it as a responsible and trustworthy player in the global market.
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