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Insider Trading Hacking Ring Exposes Security Shortcomings

18
Aug
2015

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Recently, an international hacking ring was discovered to have stolen more than $100 million. The sophisticated plan demonstrated ingenuity on the part of the attackers.

They exploited a core vulnerability of the financial system in one of the digital age’s insider trading schemes, according to one news report.

This is the first U.S. prosecuted criminal case in which the hackers teamed up with stockbrokers to commit to access inside information in their securities fraud plot.

Starting in 2010, two Ukrainian hackers managed the project, cracking into such news wires service sites as Business Wire, MarketWired, and PR Newswire, according to federal authorities.

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