January 24, 2011

Carbon credits scam shut down by hackers

Are we supposed to feel sorry for the con artists being conned:

The entire EU trading system was shut down last Wednesday, with credits worth €28m missing following a series of highly effective cyber attacks that have plunged the still emerging carbon market into chaos. To make matters worse, the EU's ETS is a serial victim; eco-activist hackers shut down the EU carbon exchange website only six months ago. The European Commission's decision to suspend trading was taken in the wake of break-ins into online accounts in a number of European countries, with the Czech Republic being the latest casualty. The chances of recovering the stolen credits are slim, even more so once the criminals have sold them on. Unlike the money paid for indulgences, carbon credits are nothing more than records in an online account.

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