US To Probe Profit From Twitter Hack Hoax

Written By Unknown on Rabu, 01 Mei 2013 | 00.25

The Securities and Exchange Commission (SEC) is investigating the hacking of the Associated Press (AP) Twitter account, which temporarily wiped $136bn (£88bn) from the New York Stock Exchange.

The probe will examine whether anything "nefarious" took place in the markets before and after the chaos.

The hoax tweet was sent from the official AP account to two million followers which reported explosions in the White House and that President Barack Obama had been injured.

The message was re-tweeted 3,000 times and the Dow Jones plummeted 150 points within three minutes.

ThinkStock image of the White House The hoax tweet claimed explosions had been reported in the White House

Almost immediately AP journalists warned their account had been hacked by posting a message on their corporate Twitter feed.

But it took another three minutes for enough investors to discover the tweet was false and the markets to recover.

The SEC and the Commodity Futures Trading Commission (CFTC) will conduct an investigation to discover whether anyone had inside knowledge of the hack and made a profit as a result.

"We're looking at who was trading right before and right after that (hoax tweet)," Bart Chilton, a member of the CFTC, told The New York Post.

"This is a full-fledged effort to look at this period of time to make sure that nothing nefarious in markets took place."

Responsibility for the hack was initially claimed by a group calling itself the Syrian Electronic Army (SEA) though they were unable to supply proof they were behind the attack.

The SEA has previously claimed credit for hacking the websites of Sky News Arabia and Al Jazeera Mobile, the websites of Fifa and Fifa president Sepp Blatter.

The FBI has confirmed it is looking into the AP hack and financial experts predict America's National Security Agency and Department of Homeland Security will also open inquiries.

Hackers regularly target the Twitter accounts of news organisations, with online activists backing the regime of Syrian President Bashar al Assad claiming responsibility for hacking an AFP Twitter account in February.


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