China’s Largest Bank’s US Branch Suffers Ransomware LockBit Attack

• China’s largest bank’s U.S. branch suffered a ransomware attack that disrupted the U.S. Treasury’s market activities. 
• Market participants were forced to reroute their trades and seek alternatives in Thursday’s trading session. 
• The ransomware, LockBit, locks users out of their accounts and demands payment in crypto, such as Bitcoin, Zcash, and Monero.

The U.S. subsidiary of China’s largest bank, Industrial and Commercial Bank of China Financial Services (ICBCFS), fell victim to a ransomware called LockBit, disrupting activities and causing chaos in the U.S. Treasury Market, the Financial Times reported. LockBit often locks users out of their computers and demands payment in cryptocurrencies, such as Bitcoin, Monero, and Zcash, for users to gain access. 

According to traders and banks, the hack restricted ICBCFS from completing Treasury contracts on behalf of other market participants. Furthermore, certain equities were also disrupted, forcing clients of the bank to reroute their trades and seek other alternatives on Thursday. 

The hack first came to light on Wednesday when the Securities Industry and Financial Markets Association notified membe…

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