New York – In a stunning revelation of corporate espionage, software engineer Dmitry Sazonov stands accused of attempting to steal proprietary trading code worth millions from his employer, a prestigious financial services firm. The alleged hack involves the Updated Trading Platform, which has been in development for over five years and has cost the company approximately $5 million.
Sazonov, who worked as a software engineer for the firm from July 2004 until February 6, 2017, is said to have had access to the Source Code. He reportedly planned his theft meticulously, utilizing steganography to hide the code within seemingly innocent documents and uploading encrypted files to an external site.
Acting U.S. Attorney Joon H. Kim described Sazonov’s actions as a brazen attempt to steal valuable intellectual property, emphasizing that the FBI has successfully thwarted his alleged scheme and he is now in custody.
FBI Assistant Director-in-Charge William F. Sweeney Jr. highlighted the severity of the offense, noting that stealing proprietary source code is not only illegal but also poses a significant threat to businesses relying on such technology for revenue generation.
According to the Complaint unsealed today, Firm-1, a market maker facilitating trading in various financial markets, has heavily invested in the Trading Platform, which accounts for a substantial volume of its daily options trades. The Updated Trading Platform is expected to further enhance the firm’s market position and profitability, reinforcing the gravity of the attempted theft.
The case underscores the increasing threat cybercriminals pose to businesses’ intellectual property and the importance of enforcing laws designed to protect trade secrets in today’s digital age.
RELATED: Tech Heists: Feds Crack Down on Global Tech Theft
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime
- Source: Official Source ↗
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