A US government panel is set to investigate how Chinese hackers infiltrated several telecommunications networks to spy on prominent Americans, including former President Donald Trump and associates of Vice President Kamala Harris, The Wall Street Journal reported Sunday, citing people familiar with the matter.

The report said that the Cyber Safety Review Board will review the security lapses, although the start date is unclear.

"The Cyber Safety Review Board will initiate a review of this incident at the appropriate time," a Department of Homeland Security spokesman told The Wall Street Journal.

The report said the investigation, which is expected to take months, will result in a public report.

It added that the hackers, known as Salt Typhoon, allegedly accessed the phones of various political figures, raising concerns about the potential for valuable intelligence to be gleaned from their communications.

The attack has reportedly affected major companies like Verizon (VZ), AT&T (T), and Lumen (LUMN) and has expanded in scope as investigations continue.

These hackers targeted systems that support court-authorized surveillance, attempting to monitor the phones of key political staff, including those of Senate Majority Leader Chuck Schumer, the report said adding that, overall, investigators believe several dozen companies and individuals may have been compromised.

Verizon, AT&T, and Lumen did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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