X Platform security team revealed that the SEC account was not hacked and that a third party took over the account via the phone number.
Recently, SEC posts from account X have left a huge mark on the cryptocurrency industry. The SEC’s official X account shared a post stating that it has approved the Spot Bitcoin ETF. Following this announcement, cryptocurrencies, especially BTC, rose rapidly. Ten minutes later, SEC Chairman Gary Gensler announced that the SEC’s accounts had been hacked and that it had not approved the ETF.
After Gensler’s post, BTC dropped significantly. SEC victimized many investors in one day. Regulators’ mistakes have thrown the cryptocurrency industry into turmoil.
The X Platform Security team investigated this issue and shared their findings on X Platform. According to the research of the X Security team, there is no hacking. What happened was due to negligence on the part of the SEC.
There is no hack, there is negligence: Even two-factor authentication is not implemented!
The fake Spot Bitcoin ETF post by the SEC’s official X account had a huge impact on the crypto market. The cryptocurrency industry began to investigate and respond to this incident.
The SEC’s statement that Account X was hacked was not reliable for the cryptocurrency industry. ETF analysts argued that the SEC’s latest approval tweet was ill-timed.
The X Platform security team investigated the SEC hacking scandal. According to the research team’s findings, SEC’s X account was not actually hacked. Team X announced that a third party had compromised their SEC accounts using their phone numbers. Here’s an announcement from the X Platform Security Team:
Based on our investigation, the security breach did not result from any breach of X’s systems, but rather from an unidentified individual gaining control of a phone number associated with the SEC’s account. We can confirm that your account was compromised through a third party. We can also confirm that two-factor authentication was not enabled at the time the account was compromised. We encourage all users to enable this extra layer of security.
It turned out that the SEC was not actually attacked, there was negligence there. The X security team stated that the SEC does not implement two-factor authentication to protect X accounts. Many crypto investors derided the SEC’s failure to protect account X in its investor protection efforts
