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How Hackers Stole $100M from the New York Fed

zerohedge.com

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Re: How Hackers Stole $100M from the New York Fed

#61

Post by adventured »

21 wrote: post #50
mikeyouse wrote: post #48

Earlier quoted context omitted.

They're usually extremely misleading if not completely false. The headlines are all cherry-picked doom and gloom that appeals to the Infowars crowd.. There was a period during the GFC where their reporting was a bit more reflective of reality but it's completely jumped the shark since then. From someone who works in finance, ZH is complete garbage.

ZH was good in 2009. Then it slowly went downhill. It became an anti HFT/anti Fed site, then a gold-bug site, and now a pro Russia/China outlet. Typical ZH logic: when gold goes up, it's the smart investors noticing the corruption of the "markets" and acting accordingly. When gold goes down, it's the HFTs and the Feds slamming it down because if it goes up it destroys the faith in the US Dollar. If it spikes up, it s…

They've gone almost entirely anti-China in the last six months give or take. Here's a very extreme example from today:

http://www.zerohedge.com/news/2016-03-10/world-economy-wreck...

Re: How Hackers Stole $100M from the New York Fed

#62

Post by jonknee »

imaginenore wrote: post #42
jonknee wrote: post #32

Earlier quoted context omitted.

Convert money to chips, cycle chips around, convert chips to cash. It's a really common money laundering technique, though not usually at this scale.

So casino buys chips from itself, gambles with itself, then exchanges the chips to cash where exactly? That makes no sense.

The point of money laundering is to conceal the path of funds. Changing your money into chips and then your chips into money (at different times) accomplishes this. Casinos are remarkably light on the documentation side compared to financial institutions. When you change money into chips you don't get a receipt or have to sign anything, you just get chips. Similarly, you don't need to do anything special to switch chips back into cash. If you're trying to make the funds look really legitimate you can even pay tax on your gambling "winnings".

Re: How Hackers Stole $100M from the New York Fed

#63

Post by wdr1 »

laxatives wrote: post #40
karmacondon wrote: post #30

I would be all for banning submissions from zerohedge.com outright. It's just noise that makes it harder for me to skim headlines for actual content.

This is probably an unpopular opinion, but I feel the same way about Vice. Its not news, its entertainment. And when you can't disambiguate the two, its fucking dangerous.

> Its not news, its entertainment. And when you can't disambiguate the two, its fucking dangerous.

I consider the Daily Show both, as do many others.

Re: How Hackers Stole $100M from the New York Fed

#65

Post by ianpurton »

imaginenore wrote: post #19

I don't get how any of this could have happened. So many WTFs. Fraudulent bank wires are reversible, even months after. And how in the world do they not check who they send the money to?

Swift payments are reversible if the destination bank agrees. If the money has already moved on they are unlikely to honour that reversal.

Re: How Hackers Stole $100M from the New York Fed

#66

Post by kchoudhu »

Oh my.

Treasury ops at banks live in fear of clients getting ripped off like this. The liability is probably not the Fed's, but the reputation hit from large value transfer fraud is enough that loss of client business is a very real possibility.

Consider also that the Fed is also facing competition in the intra-government "hold my cash" business from the Chinese, and this could be the first reputational domino in a real geopolitical shift in how funds are held and managed internationally.

Re: How Hackers Stole $100M from the New York Fed

#67

Post by ilostmykeys »

kchoudhu wrote: post #66

Oh my. Treasury ops at banks live in fear of clients getting ripped off like this. The liability is probably not the Fed's, but the reputation hit from large value transfer fraud is enough that loss of client business is a very real possibility. Consider also that the Fed is also facing competition in the intra-government "hold my cash" business from the Chinese, and this could be the first reputational domino in a r…

Could it be Chinese hackers then?

Re: How Hackers Stole $100M from the New York Fed

#68

Post by [deleted] »

kchoudhu wrote: post #66

Oh my. Treasury ops at banks live in fear of clients getting ripped off like this. The liability is probably not the Fed's, but the reputation hit from large value transfer fraud is enough that loss of client business is a very real possibility. Consider also that the Fed is also facing competition in the intra-government "hold my cash" business from the Chinese, and this could be the first reputational domino in a r…

[deleted]

Re: How Hackers Stole $100M from the New York Fed

#69

Post by kchoudhu »

ilostmykeys wrote: post #67
kchoudhu wrote: post #66

Oh my. Treasury ops at banks live in fear of clients getting ripped off like this. The liability is probably not the Fed's, but the reputation hit from large value transfer fraud is enough that loss of client business is a very real possibility. Consider also that the Fed is also facing competition in the intra-government "hold my cash" business from the Chinese, and this could be the first reputational domino in a r…

Could it be Chinese hackers then?

Given that most of the funds ended up in Hong Kong...

There's more at play here than Bangladesh getting ripped off.

Re: How Hackers Stole $100M from the New York Fed

#70

Post by dang »

karmacondon wrote: post #30

I would be all for banning submissions from zerohedge.com outright. It's just noise that makes it harder for me to skim headlines for actual content.

zerohedge.com has been banned on HN for years. This particular story was vouched for by established users, so we left it unkilled.

On HN we care about about the quality of the story, not the site. Of course, the two are related; sites are penalized or banned here according to the probability of their stories not being good based on past experience. But it's important to leave room for exceptions.

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