US Securities and Exchange Commission has admitted that its X-Account’s two-factor verification is disabled. This was done since July 2023.
In the first week of this month, SEC’s official X Account was compromised. A hacker was not only able to gain access to the account but also post a fake announcement announcing that spot bitcoin ETFs had been approved.
After the post had been left on the SEC account for about 15 minutes, Chair Gary Gensler announced that it was compromised.
SEC issued a second statement that explained what occurred. It stated that X support had asked the regulatory agency, after experiencing difficulty in accessing an account, to disable the multiple-factor authentication.
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“MFA remained disabled until staff re-enabled it after the account was compromised on Jan. 9. MFA currently is enabled for all SEC social media accounts that offer it,” The statement reads:
Hacker gained access to the account by using a SIM swap. This is where a number of a device is moved to another without authorisation.
“Access to the phone number occurred via the telecom carrier, not via SEC systems. SEC staff have not identified any evidence that the unauthorized party gained access to SEC systems, data, devices or other social media accounts,” SEC said
To track down the perpetrator, the regulatory body works with Homeland Security, Homeland Bureau of Investigations (FBI), the US Department of Justice, and its Division of Enforcement. The regulatory body previously revealed that Homeland Security and the FBI’s Cybersecurity Department were both involved in the investigation.
“Among other things, law enforcement is currently investigating how the unauthorized party got the carrier to change the SIM for the account and how the party knew which phone number was associated with the account,” Continued.
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