The U.S. Securities and Exchange Commission said on Monday that a SIM swap attack was to blame for the breach of its official account on X, formerly known as Twitter, earlier this month.

On Jan. 9, an unauthorized party gained access to the @SECGov account and displayed a fake post claiming the agency had approved the first-ever spot bitcoin exchange-traded funds. The cryptocurrency market moved following the unauthorized post, with bitcoin prices initially shooting up to nearly $48,000 from a low that day of just above $45,000. Then, after the SEC clarified that it had not yet approved the bitcoin ETF, prices fell below $46,000.


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