U.S. Charges Three Chinese Traders With Hacking Law Firms

Indictment says the traders bought shares of at least five publicly traded companies before announcements that the firms would be acquired

Three Chinese traders earned more than $4 million in illegal profits after they hacked into the computer systems of prominent U.S. law firms and stole nonpublic information on mergers and acquisitions, according to a federal indictment unsealed on Tuesday.

The allegations are the latest alarm bell for law firms, which have long been considered vulnerable to cyberattacks.

The traders bought shares of at least five publicly traded companies, including drug and chip makers, before the firms announced the deals, according to an indictment from the Manhattan U.S. attorney’s office.

Read on.

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