Ransomware Attack on ICBC Commercial Bank Disrupted Trades in US Treasury Market

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Huangdan2060, CC BY 3.0 <https://creativecommons.org/licenses/by/3.0>, via Wikimedia Commons

The Industrial and Commercial Bank of China's (ICBC) US arm was hit by what experts widely believe is a Lockbit ransomware gang attack that disrupted trades in the US Treasury market, although Lockbit’s leak site did not mention ICBC as a victim as of Thursday evening.

ICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. "In general, the event had a limited impact on the market," said Scott Skrym, executive vice president for fixed income and repo at broker-dealer Curvature Securities.

Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. It was unclear whether this contributed to the weak outcome …