SEC “SIM swap” attack knocks $63bn off bitcoin’s market value
<img width="250" height="143" src="https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-250×143.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-250×143.jpg 250w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-700×400.jpg 700w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-768×439.jpg 768w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-120×69.jpg 120w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-245×140.jpg 245w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250-500×286.jpg 500w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-SEC-SIM-swap-attack-knocks-63bn-off-bitcoins-market-value-5911702468-iStock-1408211250.jpg 1355w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">The SEC determined that an unauthorised party had transferred a SEC mobile phone number linked to the X account in question onto another device. This act, although not an uncommon cyber theft act, left the market questioning the SEC’s security. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">After the post, bitcoin’s market price decreased from approximately $48,000 to $45,5000, a fall of $63bn in under five minutes. As of Monday’s market close, the price stands at $40,000.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">SEC Chair Gary Gensler, an avid foe of the cryptocurrency industry, took to his personal X account to publicly dismiss the legitimacy of the leaked post.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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<p><span data-contrast="none">Crypto fan and brief director of communications for the White House, Anthony Scaramucci, also took to X to combat Gensler’s explanation. Scaramucci stated:</span><span data-ccp-props="{"134233117":false,"134233118":false,"201341983":0,"335559738":0,"335559739":192,"335559740":240}"> </span></p>
<p><span data-contrast="none">I think Gensler is lying. I bet an employee screwed up and jumped the gun and he is blaming it on X.</span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":192,"335559740":240}"> </span></p>
<p><span data-contrast="none">A SEC spokesperson stated:</span><span data-ccp-props="{"201341983":0,"335559739":192,"335559740":240}"> </span></p>
<p><span data-contrast="none">Access to the phone number occurred via the telecom carrier, not via SEC systems. SEC staff have not identified any evidence that the unauthorised party gained access to SEC systems, data, devices, or other social media accounts.</span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":192,"335559740":240}"> </span></p>
<p><span data-contrast="none">Currently, the FBI, <a href="https://www.leaprate.com/forex/regulations/asic-says-afs-licensees-need-cybersecurity-controls-as-part-of-license-obligations/" target="_blank" rel="noopener">Cybersecurity</a> and Infrastructure Security Agency and the Justice Department are working with the SEC to decipher the root cause of the cyber hack.</span><span data-ccp-props="{"201341983":0,"335559739":192,"335559740":240}"> </span></p>
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