Long John wrote:Edit: I've discovered there is a thread about this under Burgers & Beers, but I'll leave this post, as crypto folks might be interested.
We've all heard that Equifax was breached,, hackers stole private info of 143 million people and are demanding a ransom of 600 Bitcoin, worth more than $2.4 million. Many also know that Equifax stock plunged 13.7% yesterday after the breach was announced. Presumably Friday was chosen in order to limit the damage in the marketplace, but the plunge might just resume Monday.
What may not be so widely known is that three Equifax executives sold $1.8 million worth of stock AFTER the company knew of the breach but BEFORE the public did. Thus avoiding the bloodbath that other stockholders suffered. I don't much about stock trading, but isn't this kind of trading on insider knowledge illegal?
Yep. I think Martha Stewart did 6 months in the big house for something similar. Or perhaps it was about lying to the feds in regards to her insider trading. Either way, it is a big no-no.