A group of government-affiliated Chinese hackers attacked LoopPay, a technology firm behind Samsung Pay, the mobile payment system of Samsung Electronics.
The New York Times reported that the Chinese hackers known as Codoso Group or Sunshock group breached the computer network of LoopPay in March before Samsung Electronics acquired the tech firm for $250 million.
It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More
Chinese hackers were after the MST technology on Samsung Pay
According to the executives of LoopPay, the Chinese hackers tried to steal, or they were after the company’s magnetic secure transmission (MST) technology, a major part of Samsung Pay.