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China’s Industrial and Commercial Bank of China (ICBC), the world’s largest bank, experienced a cyberattack on its US financial services division, disrupting the trading of Treasurys. The ransomware attack resulted in the isolation of affected systems and ICBC is now conducting a thorough investigation with the support of information security experts. While ICBC claims to have successfully cleared US Treasury trades, multiple reports suggest that the attack caused disruption to these trades. ICBC’s China operations and other affiliated institutions were not affected by the cyberattack. The US Treasury Department is closely monitoring the situation.

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