According to the SEC, a hacker used the SIM swap to compromise the regulator’s X account and post a false BTC ETF approval announcement

The US Securities and Exchange Commission (SEC) announces the details of the incident in which an unauthorized person accessed the market regulator's account on the social media platform X and posted a false message.

On January 9th, the false news stated that the SEC had approved all Bitcoin (BTC) exchange-traded funds (ETF) applications.

Minutes later, Commission Chairman Gary Gensler revealed that a hacker had hacked the market regulator's X account and posted the false message.

According to the SEC, a hacker took control of the market regulator's X account using the SIM swapping technique. In doing so, he changed the phone number associated with an account to one that the hacker controls, thereby granting the hacker full administrative rights.

“The phone number was accessed through the telecommunications provider, not through SEC systems. “The SEC staff found no evidence that the unauthorized party gained access to the SEC’s systems, data, devices, or other social media accounts.”

The SEC says the hacker changed the password to the SEC's X account after hijacking the phone number associated with the account.

“Law enforcement is currently investigating, among other things, how the unauthorized party caused the wireless carrier to change the SIM card for the account and how the party knew which phone number was associated with the account.”

The SEC says its X account's multi-factor authentication (MFA) was disabled at the time of the incident, but is now enabled for all of the commission's social media accounts. Multi-factor authentication is typically considered more secure because it requires users to provide at least two pieces of credentials to log in or access a website or application.

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