X (Twitter) completed the investigation: No SEC hacking! The security team of the X (Twitter) platform announced that the SEC’s account was not hacked and that a third party took over the account through the phone number.
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SEC’s post from the X (Twitter) account on January 9 left its mark on the crypto industry. The SEC’s official X account shared a post stating that it approved spot Bitcoin ETFs. After this sharing, there was an increase in cryptocurrencies, especially Bitcoin (BTC). 10 minutes later, SEC Chairman Gary Gensler announced that the SEC’s account was hacked and that they did not approve ETFs.
After Gensler’s post, there was a huge collapse in BTC. SEC has victimized many investors the past day. The regulatory agency’s mistake sent the crypto industry into a tailspin.
The security team of the X platform examined the issue and shared its findings on the X platform. According to the research of the X security team, there is no hacking. What happened is due to the negligence of the SEC.
No hacking, just negligence
The SEC’s fake spot Bitcoin ETF post from the official X account made a huge impact on the crypto market. The crypto industry began to examine and react to the events.
The SEC’s statement that account X was hacked was not credible to the crypto industry. ETF analysts claimed that the SEC sent out the approval tweet the other day as a result of a timing error.
X platform’s security team investigated the SEC hacking scandal. According to the research team’s findings, SEC’s X account was not actually hacked. The X team announced that a third party had taken over the SEC’s account via their phone number. The announcement made by the security team of the X platform is as follows;
Based on our investigation, the security breach did not result from any breach of X’s systems, but rather from an unidentified individual gaining control of a phone number associated with the SEC’s account. We can confirm that your account was compromised through a third party. We can also confirm that two-factor authentication was not enabled at the time the account was compromised. We encourage all users to enable this extra layer of security.
It came to light that the SEC was not actually hacked, but that there was negligence. The X security team said that the SEC did not implement two-factor authentication in order to protect the X account. Many crypto investors mocked the SEC’s failure to protect account X in its efforts to protect investors.
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