Chinese Spy in Wall Street

So there's a Times article suggesting Chinese spies are everywhere in Silicon Valley:

TIMES : Female spies are waging ‘sex warfare’ to steal Silicon Valley secrets


I've heard the same thing about Chinese spies on Wall Street. Is it true that there are Chinese spies on Wall Street? In large asset management firms such as Blackrock or Fidelity, you will frequently witness a group of Chinese women hanging out together, speaking Chinese at work, communicating in Chinese in internal platform, and utilizing WeChat to discuss work-related information. Many of them had military training from the PLA during their undergraduate years and are members of the Chinese Communist Party when they were in college. 
Do you think hiring Chinese workers to work on American accounts exposes us to the possibility of important market data, trading methods, or client information being stolen by China?

24 Comments
 
Controversial

I think for sure Wall Street should re-examine its workforce, particularly among those on H1B visas. Can you imagine that if you don't speak Chinese, you'll have trouble completing your job in New York or Los Angeles, where the majority of clients are Americans? These Chinese and Indian mafias are also likely to be spy networks. As a result, skilled Americans will never get those high-paying financial professions since they are perceived as not fitting into the team's "culture" unless they choose China or India to the United States.

 
Funniest

If you can't compete intellectually with us, just say that instead of posting conspiracies on a finance forum. And get some bitches, you dork.

 

definitely report them, just forward me their contact info + pic + cup size, etc. and i'll take care of it for you

 

Crippling financial institutions causes massive damage to a nation state. Panic will ensue once the public realizes their bank accounts have been compromised. Why else do you think banks allocate fortunes to cyber security and OPSEC? 

 

That is true, but that isn't the topic of conversation here.  The OP is talking about stealing trade secrets and intellectual IP. Which in the finance space is pretty worthless outside of the specific set of circumstances in which it is built in.  If I came across the trading algos from Jane Street it wouldn't help me one bit. 

 

State actors no longer need to send in people to “infiltrate” an organization now that we live in the cyber age. The most they would need is a “mule” who is paid by the Chinese/Russian/North Korean/Iranian government to have access to the system (doesn’t even need to be root or admin level access) to spy on you or cause massive damage via malware. 

Attackers will just use social engineering and phishing emails to get your credentials and will login to your system and plant malware or create a “back door” to have 24/7 access and people won’t notice on average until ~220 days post breach. 

Source: I work in cyber security selling IAM security software. 

 

Let's take a step back here, what possible benefit would the Chinese get from stealing a trading algorithim from a financial services firm?  Could they spin up their own shop here and use it? Yes, but taking it back to China is pretty pointless considering the market it works on is not China. 

 

The fact this thing is so messily written and he's the first reply to his own post on a 2 day old account - it's bait guys. 

"If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion
 

What OP said may be true, but there's no point in posting this on WSO. Instead, report it to the CIA, FBI, DHS, or any relevant authorities. Remember, see something, say something. There's no harm in reporting any allegations—let the professionals investigate and decide.

 

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