Cyber Security Alert: SEC’s Social Media Account Hacked
It has been revealed how the US Securities and Exchange Commission's (SEC) social media account was hacked. This incident, which upset the Bitcoin market, raises new questions about cybersecurity.
At the beginning of 2024, the US Securities and Exchange Commission (SEC) faced a major cyberattack. The agency’s social media account was hacked by unknown individuals, who posted a misleading post about the approval of spot Bitcoin Exchange Traded Funds (ETFs). This event caused a serious fluctuation in Bitcoin prices.
Details of the Incident: How Did It Happen?
According to the statements made by the SEC, the way the incident took place is quite remarkable. The organization’s social media account was compromised by “SIM swapping”. This method enabled the receipt of voice and text message notifications associated with the phone number, allowing the password of the account to be reset. Interestingly, this access was gained through telecom operators rather than SEC systems. This reveals some serious vulnerabilities in cybersecurity.
This incident has once again demonstrated how vital cybersecurity measures are. Organizations should not neglect security measures, especially multi-factor authentication. The SEC’s disabling of multi-factor authentication before this incident may have set the stage for the attack.
What Happened in the Bitcoin Market and Its Effects
The misleading post on the SEC’s social media account caused serious fluctuations in the Bitcoin market. While the price of Bitcoin rose to 48 thousand dollars in a short time, it fell to the range of 45-46 thousand dollars after the SEC’s statement. This once again proved how sensitive and open to speculation the cryptocurrency market is.
The hacking of the SEC’s social media account raises serious warnings about cybersecurity. Institutions should review their security measures and take the necessary steps to eliminate potential vulnerabilities. In addition, cryptocurrency investors should also be wary of such news and take care to get information from reliable sources when making investment decisions.
