US accuses Chinese of insider trading after hacks
Three Chinese hackers by the U.S. accused of intrusion in the systems of law firms, providing them with inside information could act.
The men would hack into third-the networks and servers of law firms that assist companies in mergers, say U.s. prosecutors Tuesday. That reports Reuters.
The men would be more than 4 million dollars (3.8 million euros) earned by trading in shares of five companies, with inside information that they obtained through their hacks. It comes to shares of maker of franking machines Pitney Bowes and chipmaker Intel.
The men would have acted when Intel in 2015 competitor Altera took over. The company did not immediately on the news to react.
The men began their practices in april 2014, when they two American law firms would hack into third-and inspection were given in the e-mail accounts of lawyers to mergers and aquisities worked. It is not known which two offices were, and which of the other five offices of the three accused Chinese have hacked.
“In this case come cyber and aandelenfraude together and that would be law firms around the world need to wakkerschudden: you are the target of hackers and will continue to because you possess valuable information,” says American prosecutor Preet Bharara.