https://www.theverge.com/2018/8/22/...-wire-hack-stolen-press-release-fraud-ukraine " At a Kiev nightclub in the spring of 2012, 24-year-old Ivan Turchynov made a fateful drunken boast to some fellow hackers. For years, Turchynov said, he’d been hacking unpublished press releases from business newswires and selling them, via Moscow-based middlemen, to stock traders for a cut of the sizable profits. Oleksandr Ieremenko, one of the hackers at the club that night, had worked with Turchynov before and decided he wanted in on the scam. With his friend Vadym Iermolovych, he hacked Business Wire, stole Turchynov’s inside access to the site, and pushed the main Moscovite ringleader, known by the screen name eggPLC, to bring them in on the scheme. The hostile takeover meant Turchynov was forced to split his business. Now, there were three hackers in on the game. Newswires like Business Wire are clearinghouses for corporate information, holding press releases, regulatory announcements, and other market-moving information under strict embargo before sending it out to the world. Over a period of at least five years, three US newswires were hacked using a variety of methods from SQL injections and phishing emails to data-stealing malware and illicitly acquired login credentials. Traders who were active on US stock exchanges drew up shopping lists of company press releases and told the hackers when to expect them to hit the newswires. The hackers would then upload the stolen press releases to foreign servers for the traders to access in exchange for 40 percent of their profits, paid to various offshore bank accounts. Through interviews with sources involved with both the scheme and the investigation, chat logs, and court documents, The Verge has traced the evolution of what law enforcement would later call one of the largest securities fraud cases in US history. The case exemplifies the way insider trading has been quietly revolutionized by the internet. Traders no longer need someone inside a company to obtain inside information. Instead, they can turn to hackers, who can take their pick of security weaknesses: a large corporation or bank may have good in-house security, but the entities it works with — such as financial institutions, law firms, brokerages, smaller investment advisories, or, in this case, newswires — might not. As one person involved in the press release scheme pointed out, it doesn’t matter what level of security a company has, “you’ve always got the human factor: that one employee who will click on the phishing email or is happy to exchange their password for money.” ... " (full article at https://www.theverge.com/2018/8/22/...-wire-hack-stolen-press-release-fraud-ukraine)
How convenient to say "it doesn’t matter what level of security a company has". Maybe it's time to lock this information down properly and those who'd click on phishing e-mails wouldn't have clearance. Companies and employees need to be punished for being so lax about this, I'm not even blaming the black hats - those guys will do what they do, always.
why hack? become an irs auditor IRS auditors who are on company premises year around trade on inside information. https://theschpiel.com/politics/the-insider-trading-scheme-of-the-irs-exposed/ that is the way the world works. ps joke of the day: do you think that an SEC employee would ever investigate an IRS employee for insider trading?
the best thieves are those with" badges." are you familiar with civil forfeiture in the US? don't ever travel in a rural area with a large of wad of cash, unless you want to kiss it goodbye to the local police department.
Was struck down by SCOTUS recently. I started a thread about it. The law that worries me is the one protecting insider trading among congressmen
re: civil foreiture if true it would have made the front page of every newspaper in the US. it was a little shit federal court in new mexico not the Supreme Court of the US> here is your link: https://www.elitetrader.com/et/threads/federal-court-rules-civil-forfeiture-unconstitutional.
get your facts straight you got your priorities all mixed up. it is obvious that you have no idea how much money is lost by US residents in civil forfeiture and how difficult it is to recover monies lost even if you are proven to be innocent or the case is never prosecuted.