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In the Market: Inside Wall Street's scramble after ICBC hack
Credit: IndiaTimes- Published on November 13, 2023
The cyber hack of Industrial and Commercial Bank of China's US broker-dealer caused extensive damage, including a blackout of corporate email and temporary inability to pay BNY Mellon $9 billion, a sum much larger than its net capital. ICBC received a cash injection from its Chinese parent and manually processed trades with BNY...