ION, the electronic trading solutions provider recently hit by a ransomware attack, overnight started readmitting its clients to its cleared derivatives platform, a source told Reuters on Tuesday. The revelation comes one week after ION admitted that the platform was targeted. The firm described the attack as "a cybersecurity event."

The Dublin-based financial trading services group in a statement disclosed that the attack started on January 31 but said it was restricted to a “specific environment.” The firm, which also offers clearing, analytics, treasury and risk management solutions to capital markets, also noted that it had kicked off corrective actions as well as disconnected all affected servers.

Ransomware Attack Affects ION Clients

Meanwhile, an ION memo obtained by Bloomberg reveals the source of the attack to be LockBit, a Ransomware-as-a-Service operation linked to Russia. The hackers told Reuters last Friday that the ransom they demanded from ION had been paid. However, they did not disclose the amount or provide any evidence.

Furthermore, ION declined to comment on the ransom payment. This is even as LockBit had given the deadline of February 4 (last Saturday) for the ransom payment and threatened to divulge the data it stole from ION.

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Moreover, in a statement issued last Wednesday, the Futures Industry Association (FIA), a US trade association comprising futures commission merchants, bemoaned the impact of the attack on the global customers of ION. The association noted that the hack was affecting the trading and clearing of exchange-traded derivatives on ION's platforms.

“We are working with impacted members, including clearing firms and exchanges, as well as market regulators and others, to assess the extent of the impact on trading, processing, and clearing,” FIA explained in the statement.

The trade association added that it was “seeking clarity over concerns about affected regulatory obligations and reporting.”