A U.K. citizen used sophisticated technology to hide his identity.
The U.S. Securities and Exchange Commission (SEC) has charged a U.K. citizen for hacking into the computer systems of five U.S. public companies to illegally access nonpublic information about their corporate earnings. According to the SEC’s complaint, filed in the U.S. District Court for the District of New Jersey, the accused acted on this information to make approximately $3.75 million by trading on the companies’ stock before earnings announcements from January 2019 to August 2020.
The SEC highlighted the hacker’s use of sophisticated techniques, including anonymous email accounts, VPN services, and Bitcoin transactions, to hide his identity. Despite these efforts, the SEC was able to trace his activities using advanced data analytics and crypto asset tracing tools.
Acting Chief Jorge Tenreiro of the SEC’s Crypto Assets and Cyber Unit said, “As this case demonstrates… the Commission’s advanced data analytics, crypto asset tracing, and technology can uncover fraud even in cases involving sophisticated international hacking.”
The culprit has been charged with violating the anti-fraud provisions of the Securities Exchange Act of 1934.
As the Lord Leads, Pray with Us…
- For Acting Chief Tenreiro to be led by the Lord as he oversees the Crypto Assets and Cyber Unit.
- For U.S. financial regulators as they seek to ensure the integrity of America’s stock market.
Sources: Securities and Exchange Commission
