Valentine’s Day Heist: Cybercrooks Swipe $500K from NioCorp’s Heart of Operations
NioCorp Developments fell victim to a classic business email compromise, with cybercriminals pocketing $500,000 meant for a vendor. The mineral company, already running at a loss, is scrambling to recover the stolen funds. Despite the cybersecurity headache, NioCorp remains focused on its Nebraska project, mining critical elements like niobium and scandium.
Hot Take:
Looks like Cupid was shooting arrows at NioCorp’s cybersecurity measures instead of hearts this Valentine’s Day! In a twist that sounds like a cybercrime romance gone wrong, these digital Don Juans managed to woo half a million dollars right out of the company’s pockets. Let’s hope NioCorp can find some cyber love to recover those funds!
Key Points:
- NioCorp Developments fell victim to a business email compromise (BEC) scheme on Valentine’s Day, losing approximately $500,000.
- The company self-discovered the breach, promptly notifying financial institutions and law enforcement.
- NioCorp is investigating the extent of the damage, though it believes the attack was limited to the misdirected payment.
- The company, which is not yet revenue-generating, reported a net loss of $11.4 million for the last financial year.
- Niobium, scandium, and titanium are the critical minerals at the heart of NioCorp’s business.
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