US SEC Accidentally Reveals Personal Data Of Crypto Miners
Recently, the Securities and Exchange Commission of the United States of America, the SEC, made a significant mistake in its investigations into a blockchain company.
The financial institution was responsible for leaking sensitive information about cryptocurrency miners connected to the company Green blockchain. The SEC reportedly mistakenly disclosed certain cryptocurrency miners’ names and email addresses.
According to a report published by the Washington Examiner on January 7, 2023, the Securities and Exchange Commission added six hundred and fifty names and email addresses communicating with the blockchain firm Green via email communications. This is a result of ongoing investigations.
The consequences of these actions might leave the blockchain nodes vulnerable to hackers. The report noted that these actions by the SEC were not intentional. Multiple reports indicate that the financial regulator has contacted Green users who have purchased products from the company.
The Law Prohibits Sharing Individual Information Without Consent
The Privacy Act of 1974 made it illegal for anybody to disclose private information about individuals that the government maintains in a record system without obtaining their consent.
According to information on the SEC website, if the body stores information about an individual in its system of records, it was obtained with the individual’s consent. More importantly, the body will do everything possible to safeguard that information under this Privacy Act.
Hackers often focus on centralized cryptocurrency exchanges to obtain information about users that will allow them to carry out illegal activities. On the other hand, accidental disclosures of sensitive information like this one from government officials only happen occasionally.
It is important to remember that the Securities and Exchange Commission took a tough stance against many cryptocurrency companies last year. These action steps by the regulatory body have been nicknamed “regulations by enforcement strategy” by many individuals.
The crypto community continues to criticize the financial regulator for attempting to enforce crypto regulations without clarifying them.
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