Cyberthieves Steal $46.7 Million From Ubiquiti

Ubiquiti either has terrible luck or really angry adversaries.

A few years back they suffered an insane counterfeit crisis complete with goofy gangsters.

Now, Ubiquiti is disclosing that $46.7 million has been stolen by cyberthieves.

Login to read this IPVM discussion.
Why do I need to log in?
IPVM conducts unique testing and research funded by member's payments enabling us to offer the most independent, accurate and in-depth information.

> **% ** *** **** ** ****. **% ** **** year's *******. ****!

** ***** **** *** ** ******* **** ** ***.

** **** *, ****, *** ******* ********** **** ** *** been *** ****** ** * ******** *****.The ******** ******** ******** ************* *** ********** ******** **** ** ******* ****** ********* *** *******’* ******* **********. This fraud resulted in transfers of funds aggregating $46.7 million held by a Company subsidiary incorporated in Hong Kong to other overseas accounts held by third parties. As soon as the Company became aware of this fraudulent activity it initiated contact with its Hong Kong subsidiary’s bank and promptly initiated legal proceedings in various foreign jurisdictions. As a result of these efforts, the Company has recovered $8.1 million of the amounts transferred. Furthermore, an additional $6.8 million of the amounts transferred are currently subject to legal injunction and reasonably expected to be recovered by the Company in due course. The Company is continuing to pursue the recovery of the remaining $31.8 million and is cooperating with U.S. federal and numerous overseas law enforcement authorities who are actively pursuing a multi-agency criminal investigation. The Company may be limited in what information it can disclose due to the ongoing investigation. The ultimate amount of the loss will depend, in part, on the Company’s success in recovering the funds. The Company may *** ** ********** ** ********* *** ********* ******** for this loss.

* ***'* *** *** **** *******'* ** **** ** ******* most ** *** *****, ****** ** *** * **** **** time (*****) ****** **** ********.

**, **'* * **** **** **** **** *** ******** *** initial *****. *** *** ******* ** *** ** *** *** hard **** *** ** ****? ** *** ****** ****** *** instance, *** **** *********** > $**,*** ** * ***** *** draws *** ******* ******** ** *** ****.

** *** ** *** **** **** ***** ******* *,*** **********!

****** * *** ** **** ** * *** ** ********...

* ***'* **** **** *** **** *** ** **** ****, but ***** * ****** *** ***** ** *** **** ** going ** **** * **** **** ******* *** **** $*,***,*** in * ****, *****?

* **** * **** ** ** *** *** > **% recovery ** *** ***. *** ***** *******?