“Bitcoin means trusting a SHA256 algorithm more than the US Treasury Department,” said Blockfolio.
People in the crypto industry have been quick to respond to news that the Treasury Department has been hacked
According to a Reuters report, an “elaborate hacking group” backed by a foreign government managed to hack into the US Treasury Department and the National Telecommunications and Information Administration (NTIA) of the Department of Commerce . According to three sources from investigative circles, Russia is behind it.
The incident occurred less than a month after Donald Trump fired Homeland Security chief Chris Krebs . However, Reuters stated that the hackers had been monitoring NTIA employees’ e-mails for “months” . The staff used Microsoft Office 365 to do this. Other government agencies may have been targeted, but the sources did not provide further details.
In response to the attack on such a powerful government agency, people in the crypto industry cited the benefits of Bitcoin ( BTC )
“Bitcoin is never hacked”, as the Director of Kraken Dan Held on Twitter. The Bitcoin cop Anthony “Pomp” Pompliano closed to helds opinion and said, “Bitcoin has never been hacked.”
Blockfolio criticized the cybersecurity of the NTIA and accused the agency of using outdated algorithms for its cryptographic security:
It is unclear whether money was stolen in the hack. At the time of going to press, there was evidence that the hack was limited to information only. These could possibly have been stolen from emails sent by government agencies.
“Smeared,” said MyCrypto founder and CEO Taylor Monahan. “The Treasury Department has already been hacked by internal people.” The statement could be an allusion to the United States government printing more money in 2020 than ever before.