From CNBC:

Elon Musk’s X has confirmed the compromise of the SEC’s account. The hack resulted from unauthorized access to a phone number. The breach was possible due to the absence of two-factor authentication. A fake tweet about Bitcoin ETF approval originated from the compromised SEC account, causing market mayhem. Bitcoin’s price experienced a rollercoaster ride, plunging to $44,900 from a spike to $48,000.

Tesla CEO Elon Musk’s X confirms that the Securities and Exchange Commission’s Twitter account was hacked due to unauthorized access to a phone number. Missing two-factor authentication made the compromise possible, leading to a fake tweet on Bitcoin ETF approval, causing significant market volatility for Bitcoin.

The hack of the SEC’s Twitter account, due to missing two-factor authentication, led to a fake tweet on Bitcoin ETF approval, causing Bitcoin’s price to plummet from a momentary spike of $48,000 to $44,900. X’s leadership previously disclosed that two-factor authentication via text message will be a paid service exclusive to Twitter Blue subscribers starting March 2023.

The compromise of the SEC’s Twitter account and a fake tweet about Bitcoin ETF approval led to Bitcoin’s price fluctuation from $48,000 to $44,900. The absence of two-factor authentication contributed to the compromise, prompting X’s announcement that 2FA via text message will become a paid service exclusive to Twitter Blue subscribers.

The compromise of the SEC’s Twitter account due to the lack of two-factor authentication led to a fake tweet about Bitcoin ETF approval, causing Bitcoin’s price to fluctuate from $48,000 to $44,900. Two-factor authentication via text message will be a paid service for Twitter Blue subscribers starting March 2023, per X’s previous announcement.



Read more: Elon Musk’s X Confirms SEC Twitter Hack That Sent Bitcoin Soaring Was Caused By Lack Of Two-Factor Authentication