Tuesday, July 23, 2024
EHA

SEC X Account was Hacked Using SIM Swapping Method

In a brazen act of digital deception, the U.S. Securities and Exchange Commission’s (SEC) official Twitter account, @SECGov, was compromised on January 9th, 2024. 

This wasn’t just a prank; it sent shockwaves through the financial world, momentarily igniting a frenzy of cryptocurrency trading fueled by a fake announcement of Bitcoin ETF approval. 

Unpacking the details of this incident reveals a story of vulnerability, swift action, and ongoing investigations.

Document
Free Webinar

Fastrack Compliance: The Path to ZERO-Vulnerability

Compounding the problem are zero-day vulnerabilities like the MOVEit SQLi, Zimbra XSS, and 300+ such vulnerabilities that get discovered each month. Delays in fixing these vulnerabilities lead to compliance issues, these delay can be minimized with a unique feature on AppTrana that helps you to get “Zero vulnerability report” within 72 hours.

Timeline of a Tweet-Jacking:

  • 4:00 PM ET: The unthinkable happens – an unauthorized party gains control of the @SECGov account.
  • 4:11 PM ET: A tweet claiming the SEC’s approval of spot Bitcoin ETFs appears, sending the crypto market into a speculative whirlwind.
  • 4:13 PM ET: Another cryptic tweet simply reads “$BTC,” further amplifying the confusion.
  • 4:26 PM ET: The SEC, alerted to the breach, issues a public statement via Chair Gary Gensler’s Twitter, notifying everyone of the unauthorized activity and clarifying that no such Bitcoin ETF approval exists.
  • 4:40-5:30 PM ET: The compromised access is finally terminated, but the damage is done.

Investigations, still ongoing, point towards a “SIM swap” attack, where the hacker tricked the phone carrier associated with the @SECGov account into transferring its number to a new device, thereby gaining control of the account’s password reset process.

This highlights a critical security lapse, as two-factor authentication (MFA) was surprisingly disabled at the time despite being standard practice.

Anatomy of a Response:

Amidst the chaos, the SEC’s swift response is commendable. 

They alerted the public promptly, deleted the false tweets, and engaged in damage control. 

Collaboration with law enforcement agencies like the FBI and the SEC’s own Office of Inspector General demonstrates a commitment to a thorough investigation.

Katie Moussou, Founder of Luta Security, said, “The ease with which the hackers bypassed safeguards underscores the need for multi-layered security protocols, including hardware tokens for MFA and stricter identity verification processes with phone carriers.”

The @SECGov hack raises vital questions:

  • How did the hacker breach the phone carrier’s security?
  • Was any other SEC data compromised?
  • Should social media ever be relied upon for official announcements?
Website

Latest articles

SonicOS IPSec VPN Vulnerability Let Attackers Cause Dos Condition

SonicWall has disclosed a critical heap-based buffer overflow vulnerability in its SonicOS IPSec VPN....

Hackers Registered 500k+ Domains Using Algorithms For Extensive Cyber Attack

Hackers often register new domains for phishing attacks, spreading malware, and other deceitful activities. Such...

Hackers Claim Breach of Daikin: 40 GB of Confidential Data Exposed

Daikin, the world's largest air conditioner manufacturer, has become the latest target of the...

Emojis Are To Express Emotions, But CyberCriminals For Attacks

There are 3,664 emojis that can be used to express emotions, ideas, or objects...

Beware Of Fake Browser Updates That Installs Malicious BOINC Infrastructre

SocGholish malware, also known as FakeUpdates, has exhibited new behavior since July 4th, 2024,...

Data Breach Increases by Over 1,000% Annually

The Identity Theft Resource Center® (ITRC), a nationally recognized nonprofit organization established to support...

UK Police Arrested 17-year-old Boy Responsible for MGM Resorts Hack

UK police have arrested a 17-year-old boy from Walsall in connection with a notorious...
Guru baran
Guru baranhttps://gbhackers.com
Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.

Free Webinar

Low Rate DDoS Attack

9 of 10 sites on the AppTrana network have faced a DDoS attack in the last 30 days.
Some DDoS attacks could readily be blocked by rate-limiting, IP reputation checks and other basic mitigation methods.
More than 50% of the DDoS attacks are employing botnets to send slow DDoS attacks where millions of IPs are being employed to send one or two requests per minute..
Key takeaways include:

  • The mechanics of a low-DDoS attack
  • Fundamentals of behavioural AI and rate-limiting
  • Surgical mitigation actions to minimize false positives
  • Role of managed services in DDoS monitoring

Related Articles