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SEC social media breach leads to fake crypto push

Hackers infiltrate SEC’s X Account to Boost Bitcoin

A cybercriminal in Alabama, suspected of hacking into the US Securities and Exchange Commission’s (SEC’s) X account, has been arrested. He is accused of using the compromised account to post fake messages, causing the value of Bitcoin to boost by $1,000. Hacker Eric Council Jr, also known as “EasyMunny” and “AGiantSchnauzer,” was allegedly able to secure the credentials for the SEC’s X account through a method called “Sim Swapping.” The council created a fake ID using the stolen personal information of someone who had access to the X account. With the fake ID, he was able to purchase a SIM card linked to the victim’s phone in a cellphone provider store in Alabama, giving Council access to the victim’s personal information and log-in credentials. 

Overhyped AI SEC Fine

SEC fines companies $400k for over-hyping AI

Ever since the launch of the deeply flawed Microsoft-backed public-facing artificial intelligence (AI) service ChatGPT at the end of 2022, AI has been used to power a whole range of services. But the days of marketing and PR departments simply attaching the words “AI-driven” to over-hype any digital offering in the hope of attracting investors and customers are now hopefully coming to an end. Earlier this week, the US Securities and Exchange Commission (SEC) fined two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., a total of US$400,000 between them. The SEC’s order against Global Predictions alleged that the San Francisco-based firm made false and misleading claims in 2023 on its website and on social media about its purported use of AI. The order against Toronto-based Delphia alleged that the firm had made false and misleading statements in its SEC filings, in a press release, and on its website regarding its purported use of AI and machine learning.

Securities Exchange Commission Cybersecurity

US Congress tries to block new cyber rulings

New cybersecurity rulings due to come into full force less than a month from today are being blocked in the US Congress and the House of Representatives. The new rulings include the mandatory reporting of any ‘material’ cyber-attack within four working days and were drawn up by the Securities and Exchange Commission (SEC). But, according to a statement issued by Congressman Andrew Barbarino, Chairman of Homeland Security’s Cybersecurity and Infrastructure Protection Subcommittee, and Senator Thom Tillis: “This cybersecurity disclosure rule is a complete overreach on the part of the SEC … also increasing cybersecurity risk without a congressional mandate and in direct contradiction to public law that is intended to secure the homeland.”

Ransomware gang turns SEC informant

When a top mob boss turns his co-criminals over to the authorities, the US Federal Bureau of Information labels him a ‘stool pigeon.’ Similarly, the AlphaV ransomware gang is turning informer, not on its rivals but on its victims. In what is a likely portent of things to come, the gang has had the nerve to inform on MeridianLink (MLNK) to the United States Securities and Exchange Commission (SEC) for being slow to report a ransomware attack that they themselves had initiated earlier in the month.

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