False report SEC by "SIM swap" attack

A day before Bitcoin's official adoption ETF's the SEC published a false report. Here are the reasons.

On Jan. 9, the Securities and Exchange Commission's (SEC) X account announced the approval of the Bitcoin Spot ETFs to - a fake message That the account had been hacked.

The US Securities and Exchange Commission has now confirmed that the account was the victim of a so-called "SIM swap" attack.

In a statement states, "Two days after the incident, the SEC, in consultation with the telecom operator, determined that the unauthorized party had gained control of the SEC's cell phone number associated with the account through an apparent 'SIM swap' attack."

It is not yet clear how the unknown perpetrator obtained the SIM data. However, according to the SEC, an employee had disabled two-factor authentication six months earlier because of problems accessing the X account.

This security measure was not restored until after the attack on Jan. 9, the authority said.

The false report led to liquidations totaling $90 million as the BTC price fell about five percent.

The next day, the SEC approved all Spot ETFs, which have been a complete success to date.