The U.S. Securities and Exchange Commission (SEC) has confirmed a breach of its official X account (formerly Twitter), attributing the incident to a SIM swap attack. This security lapse occurred on January 9 when an unauthorized entity gained control of the @SECGov handle, erroneously announcing the SEC’s approval of the first-ever spot bitcoin exchange-traded funds.
Impact on Cryptocurrency Market
Following the false tweet, the cryptocurrency market witnessed immediate fluctuations. Bitcoin’s value soared to approximately $48,000 before plummeting below $46,000 once the SEC refuted the approval of the Bitcoin ETF.
Investigations revealed that the breach was facilitated by a SIM swap, wherein the victim’s phone number was illicitly transferred to another device. This enabled the perpetrator to intercept SMS messages and calls, ultimately resetting the account’s password. Compounding the issue was the absence of two-factor authentication (MFA) on the SEC’s account, a critica
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