SEC Provides Update on Unauthorized Access
The U.S. Securities and Exchange Commission (SEC) has admitted that a SIM swap attack compromised its X account, where a fake announcement about the approval of spot bitcoin exchange-traded funds (ETFs) was posted. According to the regulator, the unauthorized party gained control of the SEC cell phone number associated with the account through a SIM swap attack.
The unauthorized access to the SEC's @SECGov account on social media platform X occurred on January 9. The account was then used to post an unauthorized message claiming that the agency had approved spot bitcoin ETFs. However, at the time of the attack, the SEC had not approved any spot bitcoin ETFs.
After the incident, the SEC investigated the matter and determined that the unauthorized party gained control of the SEC cell phone number associated with the account through a SIM swap attack. Once in control of the phone number, the party reset the password for the @SECGov account. However, the SEC clarified that the access to the phone number was obtained via the telecom carrier and not through SEC systems. The regulator's staff found no evidence of unauthorized access to SEC systems, data, devices, or other social media accounts.
MFA Disabled and Reenabled
The SEC revealed that multi-factor authentication (MFA) had been enabled on the @SECGov X account previously but was disabled by X Support in July 2023 due to access issues. However, once access was reestablished, MFA was reenabled after the account was compromised on January 9. Currently, MFA is enabled for all SEC social media accounts that offer it.
Law Enforcement Involvement
The SEC's staff is working with various law enforcement and federal oversight entities, including the FBI, DHS, CFTC, DOJ, and the SEC's Division of Enforcement. The investigation aims to determine how the unauthorized party convinced the carrier to change the SIM for the account and how they knew which phone number was associated with it.
Rising Threat of SIM Swap Attacks
SIM swap attacks are becoming increasingly common, with crypto investors being frequent targets. Apart from the SEC, Ethereum co-founder Vitalik Buterin is among the notable victims of such attacks. To learn more about how to protect yourself from SIM swap attacks, refer to our comprehensive guide.
What are your thoughts on the SEC's SIM swap attack? Share your opinions in the comments section below.
Frequently Asked Questions
Can I buy Gold with my Self-Directed IRA?
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments that are based on gold's price. These financial instruments allow you to speculate about future prices without actually owning the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Can I have physical gold in my IRA
Not only is gold paper currency, but it's also money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
Gold has historically performed better during financial panics than other assets. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. During these turbulent market times, gold was among few assets that outperformed the stocks.
The best thing about gold investing is the fact that there's virtually no counterparty risk. You still have your shares even if your stock portfolio falls. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold provides liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Is gold a good investment IRA option?
Any person looking to save money is well-served by gold. You can diversify your portfolio with gold. But gold has more to it than meets the eyes.
It's been used as a form of payment throughout history. It is often called “the oldest currency in the world.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. This makes it highly valuable as it is hard and rare to produce.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. The result is that gold's value increases.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This results in more gold being produced, which drives down its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you invest in gold, you'll benefit whenever the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. Additionally, you won't lose cash if the gold price falls.
How Much of Your IRA Should Be Made Up Of Precious Metals
It's important to understand that precious metals aren't only for wealthy people. They don't require you to be wealthy to invest in them. There are many methods to make money off of silver and gold investments.
You may consider buying physical coins such as bullion bars or rounds. Shares in precious metals-producing companies could be an option. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
No matter what your preference, precious metals will still be of benefit to you. They are not stocks but offer long-term growth.
And unlike traditional investments, they tend to increase in value over time. If you decide to sell your investment, you will likely make more than with traditional investments.
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
Tips to Invest in Gold
Investing in Gold remains one of the most preferred investment strategies. This is due to the many benefits of investing in gold. There are many ways to invest gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, find out if your country allows gold ownership. If it is, you can move on. If not, you may want to consider purchasing gold from overseas.
- Secondly, you should know what kind of gold coin you want. You have options: you can choose from yellow gold, white or rose gold.
- You should also consider the price of gold. Start small and build up. One thing that you should never forget when purchasing gold is to diversify your portfolio. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- Remember that gold prices are subject to change regularly. Therefore, you have to be aware of current trends.
By: Kevin Helms
Title: SEC Admits SIM Swap Attack Compromised Account, Fake Bitcoin ETF Announcement Posted
Sourced From: news.bitcoin.com/sec-got-sim-swapped-how-hacker-gained-control-of-secs-x-account/
Published Date: Wed, 24 Jan 2024 03:30:54 +0000