32 charged with stealing information for $100m trading advantage

Pointing The Finger

U.S. authorities charged 32 defendants on Tuesday with stealing non-public information about corporate earnings to make more than $100m in a case of hacking for trading advantage that officials called unprecedented in scope.

MarketWatch reports that over five years, two computer hackers living in Ukraine broke into U.S. newswire services including Business Wire and PRNewswire and stole more than 100,000 press releases for publicly traded companies before their release.

Those documents, which included earnings data, were distributed to a network of traders who used the advance knowledge to buy or sell securities based on how they anticipated the market would react to the announcements, according to the Securities and Exchange Commission complaint.

To access the complete MarketWatch article hit the link below:

Traders busted after enlisting hackers to play stock market to net $100 million

How traders and hackers made $100 million scooping the stock market

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