Fake Zoom Invite Collapsed Australian Hedge Fund with a CyberAttack

A fake zoom invite has taken out $8.7 million in fraudulent invoices by the trustee and administrators of a hedge fund in Sydney. This potential cyberattack has badly collapsed the hedge fund.

This attack has been the latest in the series of attacks that the offshore criminal network has struck against the Australian fund manager. They have also trapped the ANZ where the bank could not stop the withdrawal of $800,000 from a criminal account.

Levitas Capital was forced to close down when its biggest client Australian Capital Super, withdrew its money after a cyberattack.

After the digital crime expert has reported the rise in attacks on private equity firms and hedge funds, NWS police are investigating the matter.

“There are so many red flags that should have been spotted.” said the co-founder of the Levitas Capital, Michael Fagan.

The negligence of the administrator, trustees, and banks to halt the transfers has frowned many eyebrows. The Australian Financial Review magazine has been informed of another cyberattack that resulted in the loss of $25 million worth of client money. Another firm’s trustee spotted a fake invoice and blocked $1.8 million worth of transfer.

According to Levitas’s cyber investigator, the attacks started after Mr. Brookes or Mr. Fagan opened a fake zoom invitation and malicious software was installed into the network due to this. Then cyber criminals were able to hack the system and take control of the emails and bogus invoices.

“This is one example of the manifest failure of these checks and balances with dramatic consequences for our businesses,” said Michael Fagan

😲 A Sydney hedge fund has collapsed after a cyber attack triggered by a fake Zoom invitation saw its trustee and administrator mistakenly approve $8.7 million in fraudulent invoices. https://t.co/yOx24U2EAV

— Paul Smith (@SaysSmithy) November 22, 2020