Russian hackers have managed to allegedly jacked up the Ruble-Dollar exchange rates for a whole 14 minutes to make handful of profit from it.The hackers use malware to manipulate Russian currency value.
The hackers used malware to infiltrate a regional Russian bank and manipulate the ruble-dollar exchange rate by more than 15 percent in minutes, according to a cybersecurity firm investigating the attack.
The swing in the exchange rates was immediately noticed by Russian central bank and it has started an investigation into possible market manipulation.
The Moscow Exchange has said that its systems were not hacked in the incident. A separate investigation by the central bank found no evidence of currency manipulation, blaming the swing — which lasted 14 minutes and caused the exchange rate to fluctuate from 55 and 66 rubles per dollar — on traders’ mistakes.
According to the researchers hackers used a virus called Corcow Trojan to accomplish their infernal task.
Anti-virus softwares are not effective against the Corcow Trojan, which can hide undetected in a bank’s systems for more than six months.The hackers used Corcow Trojan to open a backdoor into Kazan-based Energobank’s systems in February 2015, and then place over $500 million in orders at non-market rates, Group-IB told Bloomberg.
Corcow trojan has reportedly infiltrated 250,000 computers worldwide and infected over 100 financial institutions.
“This is the first documented attack using this virus and it has potential to do much more damage, Once the malware has penetrated a local network, it is sophisticated enough to infect computers that are even not connected to the Internet.” said Dmitry Volkov, the head of Group-IB’s cyber intelligence department.
