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SEC tweet fake: US Securities and Exchange Commission hacked - Bitcoin price rises. 2-factor authentication removed, SIM swapping enabled takeover.
According to a report from www.heise.de, the SEC fell victim to a fake tweet that influenced the Bitcoin price. The fake tweet was smuggled in through SIM swapping, which allowed the unknown parties to gain access to the account's phone number and reset the password. This led to a jump in the price of Bitcoin. The SEC is now facing accusations that it has itself been the victim of cyberattacks, even as it formulates strict cybersecurity guidelines for publicly traded companies. Following the fake tweet, the SEC allowed Bitcoin exchange-traded funds (ETFs) to trade, resulting in significant losses for some investors. Although the release of the ETFs was significant, it led to...
SEC tweet fake: US Securities and Exchange Commission hacked - Bitcoin price rises. 2-factor authentication removed, SIM swapping enabled takeover.
According to a report by www.heise.de,
The SEC fell victim to a fake tweet that influenced the price of Bitcoin. The fake tweet was smuggled in through SIM swapping, which allowed the unknown parties to gain access to the account's phone number and reset the password. This led to a jump in the price of Bitcoin. The SEC is now facing accusations that it has itself been the victim of cyberattacks, even as it formulates strict cybersecurity guidelines for publicly traded companies.
Following the fake tweet, the SEC allowed Bitcoin exchange-traded funds (ETFs) to trade, resulting in significant losses for some investors. Although the release of the ETFs was significant, it did not result in an expected increase in the price of Bitcoin. Instead, after a high of $48,000, the price is currently around $40,000.
The impact of this incident on the market and the financial industry could be diverse. For one thing, the fake tweet showed the vulnerable nature of digital currencies and the impact of cyberattacks on the cryptocurrency market. Investors may be more cautious now that they have lost confidence in the security of digital assets.
Additionally, the incident reflects poorly on the SEC and its ability to ensure the security of its own communications and control systems. This could affect the authority's credibility and its relationship with listed companies.
The release of Bitcoin ETFs did not have the expected effect on the price of Bitcoin, suggesting that interest and demand for these financial products is not as high as expected. This could also impact the planned launch of more cryptocurrency ETFs, potentially deterring investors and depositors.
Overall, this incident highlights the urgent need for improved cybersecurity measures in the financial industry, particularly when it comes to cryptocurrencies and digital assets. Lack of security and vulnerability to cyberattacks can have a significant impact on the market and investor confidence.
Read the source article at www.heise.de