Lawmakers Are Out for Blood After a Hack of the SEC’s X Account Causes Bitcoin Chaos
WiredJAN 3 2024
The Spin
Pro-establishment narrative
This incident is unlikely to instill confidence in X’s security. Elon Musk downsized the platform’s security team when he purchased X, and bad actors have found ways to make a negative impact by exploiting security weaknesses. The future of X is in doubt.
Establishment-critical narrative
The SEC is at fault here for bizarrely failing to have two-factor authentication on X. This is an unforgivable mistake by the regulatory body that people are supposed to be able to trust to keep the US market safe. This public embarrassment is reason to question whether the SEC is competent.