Hacking ring accused of making USD 100M on stolen news releases

August 12, 2015 02:53

An international web of hackers and traders made USD 100 million on Wall Street by stealing a look at corporate press releases before they went out and then trading on that information ahead of the pack, federal authorities said today.

Authorities said it was the biggest scheme of its kind ever prosecuted, and one that demonstrated yet another way in which the financial world is vulnerable to cybercrime. In an insider-trading scandal with a 21st-century twist, the hackers pulled it off by breaking into the computers of some of the biggest business newswire services, which put out earnings announcements and other press releases for a multitude of corporations.

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