Bitcoin ETF

Bitcoin

A SIM swap attack on the U.S. SEC’s Twitter account led to a false tweet about Bitcoin ETF approval, briefly disrupting the cryptocurrency market.
On Jan. 10, the U.S. Securities and Exchange Commission (SEC) experienced a cybersecurity breach, resulting in a misleading tweet about spot Bitcoin ETFs from its official account. This incident, caused by a SIM swap attack, briefly stirred confusion in the <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="noopener noreferrer nofollow">cryptocurrency markets</a>.
The SEC explained the situation in a <a href="https://www.sec.gov/secgov-x-account" target="_blank" rel="noopener noreferrer nofollow">statement</a>: “The unauthorized party obtained control of the SEC cell phone number associated with the @SECGov account in an apparent ‘SIM swap’ attack.” This allowed the attacker to reset the Twitter account’s password and post the <a href="https://crypto.news/analyst-what-false-bitcoin-etf-approval-means-for-btc/" data-type="link" data-id="https://crypto.news/analyst-what-false-bitcoin-etf-approval-means-for-btc/" rel="noopener noreferrer nofollow">false announcement</a>.
The SEC also admitted that multi-factor authentication, a crucial security feature, was disabled for its Twitter account since July 2023. This decision contrasts with the general cybersecurity recommendations previously endorsed by SEC Chairman Gary Gensler.
You might also like: <a href="https://crypto.news/bitcoin-dips-below-40k-amid-btc-etf-selloffs/" rel="noopener noreferrer nofollow"> Bitcoin dips below $40k amid BTC ETF selloffs </a>
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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<a href="https://twitter.com/hashtag/CybersecurityAwarenessMonth?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CybersecurityAwarenessMonth</a><a href="https://t.co/qitGkujLxD" target="_blank" rel="noopener noreferrer nofollow">https://t.co/qitGkujLxD</a>— Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1716786621847392497?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 24, 2023</a>
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The impact of the false tweet was significant yet temporary. Cryptocurrency markets reacted sharply, highlighting the sensitivity of these markets to regulatory news. However, the situation was quickly rectified with the SEC and Gensler follow-up clarifications. The official approval of spot Bitcoin ETFs was <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" data-type="link" data-id="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" rel="noopener noreferrer nofollow">announced</a> the next day.
The incident has drawn attention from lawmakers, including Senators J.D. Vance and Thom Tillis, who <a href="https://crypto.news/us-senators-urge-sec-for-clarity-following-misleading-tweet-on-bitcoin-etfs/" data-type="link" data-id="https://crypto.news/us-senators-urge-sec-for-clarity-following-misleading-tweet-on-bitcoin-etfs/" rel="noopener noreferrer nofollow">expressed concerns</a> about the SEC’s cybersecurity measures.
Read more: <a href="https://crypto.news/bis-sets-2024-strategy-with-key-focus-on-cbdc-and-tokenization/" rel="noopener noreferrer nofollow"> BIS sets 2024 strategy with key focus on CBDC and tokenization </a>

SEC reveals SIM swap attack behind false Bitcoin ETF approval announcement

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