Putting the blame on the SEC, X said that the agency’s account was hacked because it did not have two-factor authentication enabled.It added that no company system was breached in this case.
“Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party,” it said.
“We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised. We encourage all users to enable this extra layer of security,” X added.
What is two-factor authentication and how to enable it
Two-factor authentication serves as an extra layer of security that helps in safeguarding an account from getting compromised. When enabled, users are prompted to enter a code or use a physical security key after they punch in their passwords to log in to their accounts. This code or key can only be accessed by the user.
How to setup two-factor authentication
Just like several other platforms, after the feature is enabled, X users are required to enter a password as well as a secondary login method to access the account.
- In the side menu, click More, then click Settings and privacy.
- This menu can be accessed by tapping on the display image.
- Click on Security and account access, and then click Security.
- Click Two-factor authentication.
- There are three methods to choose from: Text message, Authentication app, or Security key.
- Choose the one you are most comfortable with and follow the onscreen instructions to finish the setup.
How SEC’s X account hack impacted crypto market
After the account was hacked, a fake post was shared claiming approval for the exchange traded funds (ETF) for bitcoin, something that was eagerly awaited by the crypto industry. This sent the cryptocurrency’s price soaring briefly before authorities removed the post in 30 minutes and launched an investigation.