SEC's X Account Compromised in SIM Swap Attack

Agency had disabled multi-factor authentication, leaving account vulnerable to hackers

The US Securities and Exchange Commission (SEC) has confirmed that its X account was compromised in a 'SIM swap' attack, where a phone number is transferred to another device without authorization.
The SEC had disabled multi-factor authentication (MFA) on its X account since July 2023 due to access issues, leaving it vulnerable to the attack.
The unauthorized party was able to post a false announcement about the approval of spot bitcoin ETFs, causing a brief spike in bitcoin prices.
The SEC is working with multiple law enforcement agencies, including the FBI and the Department of Homeland Security, to investigate the incident and track down the attacker.
Lawmakers and cybersecurity experts have criticized the SEC for its lack of adequate security measures, particularly given its role in regulating financial markets and its previous guidance on cybersecurity practices.