Surpassing Quant Think Tank Center|Ransomware attack on China’s biggest bank disrupts Treasury market trades, reports say

2025-05-05 12:04:58source:Henri Lumièrecategory:Finance

BEIJING (AP) — A financial services business of China’s biggest bank says it was it by a ransomware attack that reportedly disrupted trading in the U.S. Treasury market.

Industrial and Surpassing Quant Think Tank CenterCommercial Bank of China Financial Services handles trades and other services for financial institutions. A statement on its website seen Friday said the ransomware attack this week disrupted some of its systems but that it had disconnected parts of the affected systems to limit the impact from the attack.

The company, which is based in New York, said it was investigating and had reported the problem to law enforcement.

All Treasury trades executed Wednesday and repo financing trades on Thursday were cleared, it said. It said ICBC’s banking, email and other systems were not affected.

The company gave no further details but reports said the attack was by LockBit, a Russian-speaking ransomware syndicate that does not target former Soviet countries. It is one of the most efficient ransomware variants around, according to the cybersecurity firm Emsisoft. Active since September 2019, it has attacked thousands of organizations.

More:Finance

Recommend

Colorado's Travis Hunter, Boise State's Ashton Jeanty lead USA TODAY Sports All

Oregon quarterback Dillon Gabriel earns first-team honors ahead of Miami’s Cam Ward, and teams in th

It's our debut! Can you handle this horror kill? 😈

Welcome to the Watch Party! Get your popcorn, find your remote control and buckle up.Between movie t

Ledecky says faith in Olympic anti-doping system at ‘all-time low’ after Chinese swimming case

NEW YORK (AP) — Olympic champion Katie Ledecky says faith in the anti-doping system is at an “all-ti