A Ukrainian hacker who played a major role in a $100 million insider-trading and newswire hacking scheme has plead guilty to stealing unpublished news release. The fraud scheme, as the U.S. Justice Department puts it, is the “largest known computer hacking and securities fraud” ever.
Vadym Iermolovych, 28, has plead guilty to working with two other Ukrainian hackers to steal 150,000 press release from servers belonging to prominent newswire agencies including PR Newswire, Business Wire and Marketwired.
While the U.S. Govt has previously brought charges against other defendants who stand accused in the case, Iermolovych is the first hacker to be convicted after pleading [...]
The US Securities and Exchange Commission (SEC) has brought charges against nine new defendants involved in an international scheme that saw newswires that distribute corporate press releases hacked to facilitate an insider trading ring.
In a complaint filed in the US District Court in New Jersey on Wednesday, five traders and the four companies they owned are alleged by the SEC to make nearly $20 million in illegal profits by insider trading, Reuters revealed.
Hacked reported the crime that came to light in August 2015, wherein hackers based in Ukraine and crooked Wall Street traders came together to form an insider trading ring that is speculated to have generated [...]
What do you get when you bring a Ukrainian cyber-criminal gang and crooked Wall Street stock traders, together? A $100 million racket of illegal profits due to an insider trading ring.
It was a milestone event for malicious hackers. A unique insider trading ring had American stock market traders and Ukrainian hackers team up to steal (hack) thousands of unpublished corporate press releases, Reuters reports. The result of said trading ring? A staggering $100 million in illegal profits, over five years.
A press release from FBI’s New York field office screamed:
Largest Known Computer Hacking and Securities Fraud [...]