SEC Bitcoin hack was result of SIM-swapping

By Alex Scroxton for ComputerWeekly
Tuesday, January 23, 2024

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In the SEC’s case, the attack appears to have been limited to pranking or trolling crypto enthusiasts, but nevertheless, manipulating financial markets in this way is illegal, and if the culprits are caught and found to be in the US – or a country with which the US shares an extradition treaty – they can expect stiff penalties.

Ilia Kolochenko, a cyber crime educator and founder and chief executive of Immuniweb, said the incident could have been a lot worse.

“While the SEC’s X account hack is a minor security incident, all governmental agencies should review the security of their social network accounts,” he said.

“A breach of the SEC account can cause market volatility for a short time, however, a message on X by the US Department of Defense announcing war or a nuclear strike could trigger unpredictable and devastating consequences globally.” Read Full Article