Hacking of World's Largest Bank Causes Temporary Market Chaos

[Uomo Senza Nome]

Really so much fallout I can't easily explain all of it. I suggest reading the below articles as a primer.  A few key points, Short term inter-bank interest rates rose to 50%, at one point ICBC was making trades with memory sticks, many trades weren't properly executed and it goes way deeper. I don't think we have seen the last of the effects.

Exclusive-ICBC Hack Led to Unit Temporarily Owing BNY $9 Billion - Sources (usnews.com)

China's ICBC, the world's biggest bank, hit by cyberattack that reportedly disrupted Treasury markets (msn.com)
China's ICBC, the world's biggest bank, hit by cyberattack that reportedly disrupted Treasury markets (msn.com)

[NT2C]

Really so much fallout I can't easily explain all of it. I suggest reading the below articles as a primer.  A few key points, Short term inter-bank interest rates rose to 50%, at one point ICBC was making trades with memory sticks, many trades weren't properly executed and it goes way deeper. I don't think we have seen the last of the effects.

Exclusive-ICBC Hack Led to Unit Temporarily Owing BNY $9 Billion - Sources (usnews.com)

China's ICBC, the world's biggest bank, hit by cyberattack that reportedly disrupted Treasury markets (msn.com)
China's ICBC, the world's biggest bank, hit by cyberattack that reportedly disrupted Treasury markets (msn.com)

The timing of this attack is also critical, in that Nov. 11th (11.11) is the Asian equivalent of our Black Friday.  This is going to seriously hurt markets like AliExpress, Bangood, AliBaba, etc. and the little sellers using those markets.