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27.08.2018 | 16:59
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FBI investigates biggest-ever stock exchange fraud involved Ukrainians

The US federal agents investigate biggest-ever stock exchange fraud.

For years, a group of hackers and stock exchange traders from Russia, USA, Ukraine and other countries had been hacking unpublished press releases on future deals from business newswires and sent them to traders. 

It was reported by Medusa with reference to The Verge investigation.

Traders successful business on stock exchange was based on "prediction" of shares going up or down after the press-releases had been received. Hackers managed to steal more than 150 thousand of press-releases, conducted more than 800 deals and gained at least USD 100 million before the security services eradikated the group's activities. 

It's noted that FBI knew on the group's activities and identified hackers in 2012. In 2013, FBI agents arrived to Ukraine to interview hackers and discuss their possible extradiction. The visit wasn't successful. As to the Ukrainian Cyberpolicy Head of Department Sehii Demydiuk, Kyiv citizen Ivan Turchinov proposed to hack internal servers of new agencies under Ukrainian security services control after the visit of FBI agents. Demydiuk said some Ukrainian agents even had profit from illegal deals. The Security Service of Ukraine didn't commented to The Verge.

The group grew. Brothers Arkadii Dubovoy and Pavel Dubovoy, and Vitalii Korchevskyi entered the group in 2015. In August 2015, FBI collected testimonies and arrested Korchevskyi, Arkadii Dubovoy and his son Ihor who arrived to the USA. They were accused on making illegal profit to the total amount of about USD 30 million. Arkadii and Ihor plead guilty, Korchevskyi refuted. A jury found Dobovoy and Korchevsky guilty on all counts on July 6, 2017. They are still not sentenced. 

In all, the FBI says it's the largest known computer hacking and securities fraud in the world. The combined total of profits made public by the SEC stands at over USD 100 million, but that represents only a fraction of the money authorities believe was made off the stolen press releases. More than 100 traders from different countries could be involved as to the authorities. 

References in the article: stock exchange, fraud, fbi
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