People make money off advance information all the time. Often you can see that in the price action -- take this for example: https://imgur.com/mJq1OcY
Three days before a positive press release, demand pressure beings to drive up the price. Coincidence? I'm too jaded to believe that.
Related reading: today's Matt Levine piece on how hard it is to make money even with this info. https://www.bloomberg.com/opinion/articles/2019-01-16/even-c...
I'm more curious about how they hacked into the SEC database? Did they use an email trojan? Exploit an existing flaw or backdoor? If they did this via e-mail, who did they send the mail to?
This isn't hard to believe if you've worked w/ the Edgar system!
Former discussion with backstory of the Ukrainian case:
The fact that the SEC can't secure this sort of information is an excellent argument against key escrow and government backdoors into crypto systems: it's completely impossible to prevent leakage or theft of that sort of incredibly-valuable information.
How did they do this and only make a few million?...
Seems vaguely similar to another Insider Trading case relating to Slavic-descent and Marketwire: https://www.bloomberg.com/news/articles/2018-07-06/pastor-co...
Pending public publishing seems to be a common liability for unwanted content disclosures.
Apple struggles with this with almost every product release.
That's pretty smart
So, basically, Trading Places but online?
> Hackers broke into an SEC database and made millions from inside info
Given the thirty minute window between copying the file to the server and the SEC posting the URL, I figure they guessed the URL from an easily predicted sequence.
> said the same criminals also stole advance press releases sent to three newswire services
Yeah I remember the charges against those people too
Basically newswire services get hacked and people get the earnings reports beforehand
SEC gets hacked and people get the earnings reports beforehand
I think public resources shouldnt be spent on that. Prosecute the hacking but just drop the “trading on material non public information but only in the equities capital markets and only when there is a duty from the source to keep things nondisclosed” sanctions. It is so narrow but extremely expensive to prosecute, has with little efficacy in stopping the behavior, and incorrectly effects the collective conscious on what can be traded and when. People at this point think its actually illegal to have a trading advantage in any context
Do the journalists believe Lithuania and Ukraine still somehow belong to Russia? I can’t see any explanation in the article on how was Russia involved.
Is there a reason why all SEC filing shouldn't be immediately publicly available?
I take it they would have gotten away with it if they did it from Russia?
Just waiting for Elon Musk to tweet a dig on the SEC about this
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> The New York Stock Exchange has asked the SEC to consider limiting the amount of data collected by the CAT, which would include data on around 58 billion daily trades, as well as the personal details of individuals making the trades, including their Social Security numbers and dates of birth
Dropping SSNs for natural persons would be a good idea.