Naysayers Raise Concerns About X Security After Elon Musk’s Takeover
The hack of the U.S. Securities and Exchange Commission’s official account on X on Tuesday has raised concerns about the security of Elon Musk’s social media platform. However, the X safety team has clarified that the account was compromised due to the SEC’s failure to enable two-factor authentication, rather than any breach of X’s systems.
Hackers Spread False News About SEC-Approved Bitcoin ETFs
The hackers posted false news about the SEC approving all spot Bitcoin ETFs. The post was deleted by the SEC approximately 30 minutes after it appeared.
SEC Account Compromised Through Third Party
X confirmed through an investigation that the SEC’s account was compromised after an individual gained control over a phone number linked to the security agency through a third party. X also stated that two-factor authentication was not enabled for the SEC official account.
No Breach of X Platform Systems
X clarified that there was no breach of their platform systems. However, security analysts find the incident concerning and some blame Elon Musk and the lack of security measures on the platform.
Potential for Disinformation and Market Manipulation
Security experts highlight the potential for disinformation and market manipulation in incidents like this, where someone can take over an official account and impact the value of Bitcoin in the market.
Fake SEC Announcement Causes Volatility in Bitcoin Price
The fake SEC announcement caused significant volatility in the price of Bitcoin, resulting in over $140 million in liquidation within hours. Currently, BTC is trading below $46,000 following the fake post.
SEC Investigating with Law Enforcement, Congressional Members Seek Answers
The SEC is collaborating with law enforcement and government entities to investigate the hack. Meanwhile, members of Congress are seeking answers from the SEC and Gary Gensler regarding the incident.
Hot Take: Naysayers Raise Concerns About X’s Security After SEC Account Hack
The recent hack of the U.S. Securities and Exchange Commission’s official account on X has sparked concerns about the platform’s security. While X clarified that the breach occurred due to the SEC’s failure to enable two-factor authentication, questions are being raised about Elon Musk’s responsibility and the lack of security measures on the platform. This incident highlights the potential for disinformation and market manipulation, as false news about approved Bitcoin ETFs caused significant volatility in the price of BTC. The SEC is currently investigating the matter, and members of Congress are seeking answers.
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