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The Justice Department announced Tuesday that three men indicted for separate crimes in July are behind the enormous JPMorgan hack. The three men allegedly stole 83 million customers’ personal information in that data breach.
The JPMorgan hack was “the largest theft of customer data from a U.S. financial institution in history,” according to the prosecutors.
Until now, nobody knew who did it — or why.
Law enforcement officials initially said the attacks came from hackers in Russia with loose ties to the Russian government.
But today’s announcement paints a different picture. The U.S. government now alleges that the hack was orchestrated by men involved in a pump-and-dump stock manipulation scheme.
Why hack a bank for a pump-and-dump? Data breaches are information-gathering expeditions. They yield sensitive data that’s extremely valuable to criminals. Breaking into the bank gave them information to target specific people — and extra insight into the stock market, federal agents said.