Ya hey…it seems like everyone is getting hacked nowadays and usually it will make you look like a tool or make you lose some credibility, but rarely will it cause some serious implications…well that was until yesterday when the Associated Press account @AP was hacked and a fake tweet saying that two explosions happened at the White House and President Obama was injured was sent out. The resulting chaos briefly wiped out about $140 billion in U.S. market value.
That’s a lot of tin.
The Associated Press prides itself as “one of the largest and most trusted sources of independent newsgathering” and i’m guessing that a few traders are in deep kak.
“Volatile price moves ricocheted through markets for stocks, bonds, currencies and commodities around 1 p.m. EDT on Tuesday after a tweet purporting to be from the Associated Press said there had been two explosions at the White House and that President Barack Obama had been injured.
The move in stocks, described by one futures trader as “pure chaos,” briefly wiped out about $140 billion in U.S. market value. When it became clear that the tweet was fake, equities rebounded and more than recovered the losses – the S&P 500 index ended up 1.04 percent.” [Reuters]
I wonder if the people who hacked the account knew the stock exchange would be affected like that and made a few trades prior.
They could easily have made billions.
Cue the conspiracy theories.