SEC blames “SIM SWAP” attack for compromising X account ahead of ETF approval

The Securities and Exchange Commission said Monday that a "SIM swap" attack was responsible for an unauthorized social media post that triggered market chaos and erased billions of market value in just minutes.

The SEC on Monday offered more details about how this hack happened. It said an "unauthorized party" obtained the SEC cell phone number associated with the account on X in what the agency is calling "an apparent 'SIM swap' attack."

SIM swapping — a common technique in the world of cyber theft — is a way of transferring a person's phone number to another device without authorization.

To pull off such an attack, hackers need to know how mobile wireless carriers authenticate a customer's identity and some portion of information about their victims. Often, this only requires a phone number and address.

Once in control of the phone number, the unauthorized party reset the password for the agency's @SECGov account on X.

#sectwitterhack #ETFsApproval #BTC

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