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Ukrainian Hacker confesses his role in Hacking Three Services of Business Newswire

Vadym lermolovych entered the appeal to a complaint charging him with serious theft of identity and conspiracy to commit wire and hacking of computer. The 28 yr. old man from Kiev faces imprisonment up to 20 years, when he will be sentenced on 22nd August.

Lermolovych was one of the many people arrested in August, in Ukraine and U.S. The Securities and Exchange Commission also charged them along with 23 other persons and companies in Europe and U.S.

Prosecutors claimed that, from Feb. 2010 to Nov. 2014, hackers breached the networks of the computer of three companies and stole draft releases, which they shared among others who traded stocks in advance of the corporate earning which were disseminated in public.

Lermolovych said in his appeal that he purchased a hacked database containing stolen user names and login credentials of employees of PR Newswire. Bloomberg.com posted on May 17th, 2016, stating that he entered the company's network by using stolen credentials of one employee on 27th Feb. 2013, and then went on to steal releases.

The release observed that confession of Lermolovych indicated the first conviction of the hackers who are responsible for breaching the networks of PR Newswire Association LLC and Business Wire and Marketwired L.P. jointly referred to as the "Victim Newswires".

Since some of the trades were traded in New Jersey, charges were filed in federal court in Newark. The hacker pleaded guilty of the charges and so he faces imprisonment for 20 years plus a fine of $250,000 for his wire scam charge; five years more imprisonment plus $250,000 penalty for the scheme to commit cheat and allied activities in connection of computers; and a compulsory penalty for 2 years of jail term to be joined to other sentences for his serious charge of identity theft.

Hacking companies for inside dealings has become a fashion in recent years. Many firms of US saw cyber-attacks from hackers during this March, which tried to breach their network.

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