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Cyberattack hitting ICBC disrupts trading

November 13, 2023
The Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack. ICBC Financial Services said the attack disrupted trading in the US Treasury market, as well as some of the bank’s systems. Some of the affected systems were immediately taken offline. According to some market participants, as a result of the attack, trades through ICBC were not cleared, which affected market liquidity. There is speculation that the LockBit group, discovered in 2020, was behind the hack, although the bank itself has not commented on this issue.

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