SEC Acknowledges Cybersecurity Failure in Bitcoin-Related Hack

The US Securities and Exchange Commission (SEC) admitted that a key security procedure, multi-factor authentication (MFA), had been suspended for six months on its social media account when hackers made a fake post about Bitcoin in January. This allowed hackers to gain access to the account and make the misleading post, causing the cryptocurrency to surge in value before the post was deleted. The SEC has since confirmed the regulatory change, but the incident highlights the importance of maintaining strong cybersecurity measures, especially in government agencies, to prevent similar attacks.