Ukrainian Hacker Admits Stealing Corporate Press Releases for $30 Million Profit
May 17, 2016
A 28-year-old Ukrainian hacker has pleaded guilty in the United States to stealing unpublished news releases and using that non-public information in illegal trading to generate more than $30 Million (£20.8 Million) in illicit profits. Vadym Iermolovych, 28, admitted Monday that he worked with two other Ukrainian hackers to hack into computer networks at PR Newswire, Marketwired and Business Wire, and steal 150,000 press releases to gain the advantage in the stock market. The defendants then used nearly 800 of those stolen news releases to make trades before the publication of the information, exploiting a time gap ranging from hours to 3 days. The trades would occur in "extremely short windows of time between when the hackers illegally accessed and shared the [news] releases and when the press releases were disseminated to the public by the Newswires, usually shortly after the close of the markets," said the Department of Justice in a press release . Thirty-two pe...
