Hacker surprise sets off brief market frenzy!

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According to the Washington Post, a false hacker post at the SEC’s official account on the social media platform X (previously Twitter), set off a brief frenzy among crypto traders before the agency regained control.

Questions:

  1. Has the SEC approved the listing and trading of spot bitcoin exchange-traded products?
  2. What would have been the benefit of the scam post by anyone with knowledge of the scam post?
  3. The hijack was one of an account with a silver check mark. Why is this notable and what was the question raised in the article?
  4. What has happened with check labeled accounts in recent weeks?
  5. What is SIM-swapping and why is it a security risk?

Source:

Menn, J. (2024). Hackers seize control of SEC’s X account to promote crypto. The Washington Post, Jan. 10 (Retrievable online at https://www.washingtonpost.com/technology/2024/01/09/sec-hack-x-crypto)