Alabama Man Arrested in SEC Social Media Account Hack That Led the Price of Bitcoin to Spike

Cybersecurity News

An Alabama man has been arrested in connection with the hacking of a social media account belonging to the Securities and Exchange Commission (SEC) that led to a spike in the price of Bitcoin. The incident, which occurred earlier this week, caused significant disruption to the cryptocurrency market.

Authorities believe that the suspect used a phishing scam to gain access to the SEC account. Once inside, he posted a fake tweet claiming that the SEC had approved a Bitcoin ETF. This false information quickly spread across social media, causing Bitcoin’s price to surge by several percent.

The SEC has since confirmed that the tweet was a hoax and that no such approval has been given. However, the incident highlights the vulnerability of even major institutions to cyberattacks.

The arrest of the Alabama man is a step in the right direction, but it is important to remain vigilant and take steps to protect against future attacks.

Sources: Undercode Ai & Community, Internet Archive, Future of Tech, Securityweek, Wikipedia
Image Source: Undercode AI DI v2, OpenAI