The FBI has arrested several people for insider trading. One of them was using the Xbox 360 chat to share sensitive financial information so that he and his friends could make money.
What do you talk about with your friends when you are connected to xbox 360 cat or the Xbox Series X? The next game you’re going to launch this evening? From your working day? Anthony Viggiano uses the console chat for something else entirely. Or rather used to. The 26-year-old man, former analyst within the investment bank Goldman Sachshas been arrested by the FBI for insider trading. The latter consists of using financial information in one’s possession to carry out operations before this information is made public.
For example, you know that a particular stock is going to lose a lot of its value and you sell yours before the price falls. To pass on his “advice” to his friends, he used the Microsoft console instant messaging system, among others. A friend of Viggiano, Stephen Forlano, was also arrested, while a third, Christopher Salamone, has already pleaded guilty. The trio raised more than $400,000 thanks to the information shared.
Analyst Uses Xbox 360 Chat to Share Financial Information with Friends and Gets Arrested
Why did you use Xbox 360 chat? In a recorded telephone conversation in June, Salamone asks Viggiano if there is any information to prove that he gave Forlano “tips.” No, he answers, “Signal, or the Xbox 360 chat, it’s untraceable. Good luck finding that.” Obviously an error of judgment. However, it is not known if the FBI actually got their hands on the exchanges, or if they made it appear so to push the accused to confess.
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Regardless, Microsoft’s console is not the platform of choice for sharing confidential data, even legally. The manufacturer regularly implements control tools to combat player toxicity, such as recording their voice during a conversation.
Source: Bloomberg via Yahoo