Two Estonian traders have been charged by the US Securities and Exchange Commission for hacking into the computer system of a business news service and stealing PR announcements before release. The SEC claims the hackers used the stolen information to make $7.8 million through illegal trading.
The scheme, it seems, was a relatively simple one. One of the traders opened an account with Business Wire and released a 'spider' program which then scurried around the site's database collecting press releases. The two traders, named by the SEC as Oliver Peek and Kristjan Lepik, then used this information to buy and sell stocks through a number of brokerage firms.
Unsurprisingly Business Wire is denying SEC's claims. It argues that what the Estonian hackers got access to was nothing more than a brief snapshot of background information rather than the full detailed release.
If this is true though, how did they ever manage to convert background information into $7.8 million of illegal profits? Business Wire is not saying.
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