Safety

Currently, in the realm of cryptocurrency, everyone in the crypto community is eagerly awaiting the approval of a<a href="https://news.todayq.com/delay-or-green-light-for-bitcoin-etf-sec-gives-quick-feedback/" rel="noopener noreferrer nofollow"> spot Bitcoin Exchange-Traded Fund (ETF)</a> as the deadline approaches its end. Amidst this anticipation, a piece of fake news from the Securities and Exchange Commission (SEC) has caused significant price volatility and forced liquidation. SEC X’s account compromised amid Bitcoin ETF approval 
On January 10, 2024, the United States SEC, one of the major regulators, announced that X (previously Twitter) had been hacked, leading to a false post about the approval of a spot Bitcoin ETF. This misleading information quickly went viral, causing Bitcoin prices to surge to a 19-month high of $47,900. Source: Coimarketcap 
The significant hack occurred due to the SEC’s failure to maintain basic security parameters on its X account, resulting in the compromise of the account. According to local media reports, numerous investors suffered losses as a consequence of this security breach.
After the incident, X’s Safety official posted that they had completed a preliminary investigation into the recenthack of the SEC X account. They found that the hack was not due to any fault in X’s system. Safety officials also highlighted that someone took control of the account’s linked phone number through a third party. X’s Safety officials mentioned that the SEC account didn’t have two-factor authentication, which could have prevented the hack. Security concerns surrounding the SEC 
However, the recent hack of the SEC’s X account raises concerns about their basic security measures. As a major investment regulator, the SEC’s statements are closely monitored and can impact trading. It’s noteworthy that even SEC Chair Gensler has emphasized the importance of investors taking security seriously.
This is a reminder to secure your financial accounts as well as protect against identity theft and fraud.Remember to:🔒Use strong passphrases or passwords🔒Set up multifactor authentication🔒Keep account alerts turned on
Additionally, this false post by the hacked account of the SEC created a festive atmosphere for a few minutes to hours. As a result, Bitcoin surged to $47,900, and after a few minutes, the Bitcoin price plummeted to the $45,400 level.
Currently, Bitcoin is trading near the $46,000 level, and in the last 24 hours, it experienced a 1.70% downside momentum. Looking at Bitcoin over the longer period, in the last 30 days, the Bitcoin price has surged more than 10%, and most of this movement occurred in the last 2 days.
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US SEC’s X account lacked two-factor authentication, says official

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