A recent attack on the U.S Securities and Exchange Commission Twitter account made waves in crypto space.
Hackers made a fake announcement about approving an ETF for bitcoin, which saw the price of Bitcoin shoot up to $47680 in moments but crashed back down to value of $45 228. 230 million dollars were lost by traders who became the victims of such misinformation during that incident.
Social media, X and frequent critic of the SEC’s security measures, as Elon Musk took to the platform goading on the agency.
He humorously proposed that the SEC’s password was “LFGDogeToTheMoon!!,” about another famous Meme currency which is Dogecoin (DOGE).
However, the prank did very little to improve DOGE’s position as the coin plummeted down to fresh monthly low points of $ 0.07607.
2FA and multistep authentication served to underscore the absence of that feature in SEC’s Twitter account. 2FA is an extra protection step, where the users will have to type in a code which has been sent via SMS or email apart from their password.
Crypto traders promptly highlighted the SEC’s vulnerability and pushed their agency to implement 2FA, so that similar attacks could be avoided in the future.
Musk’s ridiculing of the SEC is not surprising owing to his past confrontations with it. The SEC has fined him in the past, and he recently avoided attending a hearing regarding his purchase of Twitter.
Also Read: Spot Bitcoin ETFs Slash Fees in Anticipation of SEC Approval
