A detailed analysis of the $700 million settlement between pharmaceutical giant Merck and insurers over the 2017 NotPetya cyberattack.
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Two Chinese nationals have been found guilty in US federal court of organizing a fraudulent scheme against Apple Corporation to obtain millions of dollars by sending thousands of counterfeit iPhones with the hope of exchanging them for original devices.
Haotian Sun of Baltimore, Maryland, and Penfei Xue of Germantown, Maryland, along with accomplices, including Frank Sun, also of Baltimore, conspired to ship counterfeit iPhones to Apple. These actions were taken with the intention of taking advantage of the company’s one-year warranty, which allows the replacement of defective devices with new ones. The counterfeits, sourced from Hong Kong, were sent via UPS mailboxes in Washington, DC to Apple retail stores and authorized service centers with fake serial numbers and IMEI numbers.The scheme was exposed after Apple and law enforcement discovered unusual activity involving a large number of iPhone warranty replacements.
In two years, attackers sent more than 5,000 fake phones, causing significant losses to Apple. The sentencing, due on June 21, could set a precedent for similar cases in the future, with each of the defendants facing up to 20 years in prison.
This case highlights the seriousness of the consequences for fraud and manipulation of the trademarks and warranties of large corporations. He also points to the importance of fighting counterfeiting in the technology market and the need for corporations to strengthen security measures and checks to protect their products and consumers.
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