SEC confirms Twitter account compromised by SIM card swap attack, multi-factor authentication reinstated

The U.S. Securities and Exchange Commission (SEC) released a fake tweet on Twitter on the eve of approving a Bitcoin spot ETF. The SEC spokesperson explained the incident on the 22nd.

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SEC hacked with fake news! SEC Chairman Gary Gensler manipulated the market on the eve of approving the Bitcoin spot ETF.
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SEC: Previously targeted by SIM card swapping attack
SEC has disabled multi-factor authentication for months
SIM card swapping attack (SIM Swapping)
SEC: Previously targeted by SIM card swapping attack

According to The Block, the SEC claimed that an unauthorized party gained control of the SEC’s Twitter account through an obvious SIM card swapping attack after obtaining the associated phone number.
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The spokesperson said:
The hacking process was conducted through the telecommunications operator, not the SEC system. At the time, SEC staff did not detect any signs indicating that the unauthorized party had gained access to the SEC’s Twitter account. Consequently, the spokesperson reset the password for the SEC’s Twitter account.
The spokesperson emphasized that they are currently cooperating with the SEC Inspector General’s Office, Federal Bureau of Investigation, Commodity Futures Trading Commission, Department of Justice, and other law enforcement entities to investigate how the unauthorized party managed to change the phone number with the telecommunications company and how they obtained the associated phone number for the SEC account.
SEC has disabled multi-factor authentication for months
The SEC spokesperson stated that the multi-factor authentication for the SEC’s Twitter account was disabled in July last year due to issues accessing the Twitter account. Therefore, it remained disabled until the account was compromised on January 9th, when SEC staff re-enabled it.
The spokesperson also mentioned that multi-factor authentication has been enabled for all social media accounts under the SEC.
SIM card swapping attack (SIM Swapping)
“SIM card swapping attack,” also known as SIM card swapping fraud, is a common practice where criminals collect specific target’s personal information and then deceive telecommunications company personnel to transfer (duplicate) the target user’s phone number to a SIM card under their control.
This is equivalent to gaining control of the user’s phone and is typically used to gain access to financial accounts and cryptocurrency wallets, although it is not common in Taiwan.
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friend.tech reports multiple users hacked, cybersecurity firm SlowMist warns of SIM card swapping attack.
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SIM card swapping attack

Further reading
Former FTX bidder, blockchain startup Figure applies to SEC to launch “interest-earning stablecoin.”
SEC delays Fidelity Ethereum spot ETF, analysts optimistic about one-time approval in May.