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The U.S. Securities and Exchange Commission said on Monday that a SIM swap attack was to blame for the breach of its official account on X, formerly known as Twitter, earlier this month.

On Jan. 9, an unauthorized party gained access to the @SECGov account and displayed a fake post claiming the agency had approved the first-ever spot bitcoin exchange-traded funds. The cryptocurrency market moved following the unauthorized post, with bitcoin prices initially shooting up to nearly $48,000 from a low that day of just above $45,000. Then, after the SEC clarified that it had not yet approved the bitcoin ETF, prices fell below $46,000.

“Two days after the incident, in consultation with the SEC’s telecom carrier, the SEC determined that the unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack,” an SEC spokesperson said in a statement.

A SIM swap is when a phone number is transferred to another device without the permission of the owner, allowing the bad actor to receive SMS messages and voice calls intended for the victim.

With access to the phone number, the unidentified individual then reset the account password. Since the SEC did not have two-factor authentication enabled, the SIM swap and subsequent password change were the only two steps necessary to gain full access to the agency’s account.

“While multi-factor authentication (MFA) had previously been enabled on the @SECGov X account, it was disabled by X Support, at the staff’s request, in July 2023 due to issues accessing the account,” the SEC said in the statement.

“Once access was reestablished, MFA remained disabled until staff reenabled it after the account was compromised on January 9,” the statement continued. “MFA currently is enabled for all SEC social media accounts that offer it.”

The agency had the ability to switch two-factor authentication back on for their X account and was not reliant on X to do so.

X owner and Chief Technology Officer Elon Musk mocked the SEC, an agency he has clashed with for years, after its account on X was breached. Musk also retweeted a post from Twitter Safety following the incident, which said the compromise “was not due to any breach of X’s systems.”

X didn’t immediately respond to CNBC’s questions about whether the platform has continued to cooperate with investigators, or whether the company plans to change its design or any features associated with government agency accounts in response to the SEC account breach.

Cybersecurity expert Chris Pierson tells CNBC that SIM swap attacks have become a much bigger security threat for government agencies and corporations.

“Originally, these attacks flourished as a means for criminals to hijack an individual’s cryptocurrency wallet or account, but they’re now being weaponized by other criminal actors and nation-states for a much wider range of uses,” said Pierson, a former member of the Department of Homeland Security’s Cybersecurity Subcommittee and Privacy Committee.

There’s also been a growing number of targeted takeovers of influential social media accounts for pump-and-dump stock schemes, to inflict reputational damage and to spread disinformation, added Pierson, who is now CEO of cybersecurity and digital privacy protection company BlackCloak.

“While this is becoming a more serious problem, with more organized and sophisticated actors, we’re still seeing many agencies and companies continue to make basic mistakes with the security of these accounts,” he said.

The SEC said there was no evidence the unauthorized party gained access to the agency’s systems, data, devices or other social media accounts. Instead, the SEC said that “access to the phone number occurred via the telecom carrier” and that law enforcement is still investigating both how this individual “got the carrier to change the SIM for the account and how the party knew which phone number was associated with the account.”

The SEC said it’s continuing to work with multiple law enforcement and federal oversight entities, including the SEC’s Office of Inspector General, the FBI, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency, the Commodity Futures Trading Commission, the Department of Justice and the SEC’s own Division of Enforcement. 

CNBC’s Lora Kolodny contributed to this report.

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BYD’s 3,000 hp Yangwang U9 hypercar breaks Nürburgring EV record with sub-7-min lap

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BYD’s 3,000 hp Yangwang U9 hypercar breaks Nürburgring EV record with sub-7-min lap

BYD’s luxury brand, Yangwang, has claimed a new Nürburgring Nordschleife record for a production electric vehicle with its U9 hypercar.

The automaker released video of the Yangwang U9 Xtreme, a limited-edition version of the car, completing a lap of the “Green Hell” in a blistering 6:59.157 last month.

It made the U9 the first production EV to break the 7-minute barrier at the legendary German track.

Today, the run, driven by German racer Moritz Kranz, was officially certified by Nürburgring officials.

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BYD announced:

Only weeks after becoming the fastest production car in history with a top speed of 496.22 km/h, the YANGWANG U9X has now conquered the Nürburgring Nordschleife in record time, completing the lap in 6:59.157, making it the fastest EV production vehicle around the track.

The time shaved a significant five seconds off the previous record, a 7:04.957 lap set earlier this year by the Xiaomi SU7 Ultra.

The production EV record at Nürburgring has been frequently broken over the last few years. It even changed hands several times in the same month at times – a testament to how rapidly EV technology is improving.

It is also a somewhat controversial title due to what people consider to be a “production vehicle”.

The Yangwang U9 Xtreme isn’t your average EV. It’s built on a 1200-volt platform and uses four electric motors (one at each wheel) to produce a combined output of nearly 3,000 hp. This is the same car that also claimed the world record for the fastest production car, hitting a top speed of 308 mph (496 km/h) last month.

It’s built in a limited-run production with only about 30 units reportedly planned – hence why some people might question the “production EV” part.

Electrek’s Take

I know there’s going to be some pushback on this, but regardless, a sub-7-minute lap in any car is serious business, and doing it in an EV is doubly impressive — credit where it’s due.

Does a Nürburgring lap time matter for 99.9% of EV buyers? Absolutely not. But it is an excellent showcase of the rapidly improving EV technology.

BYD and Yangwang are clearly utilizing the U9 platform to push their engineering capabilities, relying heavily on their “e⁴ Platform” and “DiSus-X” intelligent body control system to manage the immense power on a demanding track.

It’s impressive to see BYD produce something like the U9 at the very high end of the automotive spectrum, and then something like the $10,000 Seagull at the other end.

That’s quite a range.

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After a sluggish spring, US wind power is set for a 7.7 GW rebound

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After a sluggish spring, US wind power is set for a 7.7 GW rebound

According to the latest “US Wind Energy Monitor” report from Wood Mackenzie and the American Clean Power Association (ACP), developers installed 593 megawatts (MW) of new wind capacity in Q2 2025 – a 60% drop from the same quarter last year. But the US wind industry is expected to rebound fast, with 51% of forecasted capacity to come online in Q4 and full-year installations projected to hit 7.7 gigawatts (GW).

Onshore developers are in a race

The onshore wind market outlook rose 3.6% quarter-over-quarter (2.4 GW) as developers push to complete projects before federal tax credits expire.

“We are seeing this uptick in the near term because many projects are shovel-ready or under construction, fully permitted, and with a turbine order in place,” said Leila Garcia da Fonseca, director of research at Wood Mackenzie. “However, we will face uncertainty later in this decade due to tariff investigations and permitting challenges.”

Federal policy uncertainty has created a lot of headaches for the wind industry in H1 2025. While the Treasury Department’s guidance on tax credit eligibility provided a 7% boost to near-term installations, new tariff investigations could negatively impact two-thirds of the supply chain for wind turbine components. The Department of Commerce’s national security probe into imported turbine components threatens to raise project costs by as much as one-third, potentially delaying or derailing late-decade projects.

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“We’re seeing policy whiplash,” Garcia da Fonseca added. “Treasury guidance helps the advanced development pipeline, but tariff investigations and permitting hurdles are creating uncertainty beyond 2027.”

Western states are expected to lead wind activity through 2029, accounting for 31% of new capacity, followed by the Midwest. Illinois is set to overtake Texas with the most new onshore capacity in 2027, with more than 1.8 GW expected to come online.

Offshore wind’s five-year outlook

The offshore sector continues to face headwinds of federal stop-work orders and regulatory uncertainty. Even so, Wood Mackenzie projects 5.9 GW of offshore capacity will come online by 2029, with most of it arriving in 2026 and 2027.

“Recent federal stop-work orders and regulatory uncertainty have disrupted the offshore wind sector, weakening already fragile offtake opportunities and exposing the high investment risk in US offshore wind development,” Garcia da Fonseca said. “However, our five-year outlook remains unchanged, and 70% of forecasted capacity is already under construction.”

The next big year for US wind

Wood Mackenzie expects average annual installations of 9.1 GW over the next five years across onshore, offshore, and repowering projects. By the end of 2029, total installed wind capacity is projected to hit 196.5 GW, including about 35.5 GW from new onshore builds, 6 GW offshore, and 4.5 GW from repowering.

A major spike is expected in 2027, when shovel-ready projects are slated to connect at a record pace, adding 12.3 GW of new capacity.

“Despite political headwinds, wind projects are demonstrating market resilience,” said Garcia da Fonseca. “Wind continues to secure interconnection service agreements in 2025 despite anti-wind rhetoric. The technology maintains meaningful market presence even as solar and storage lead interconnection activity, with leadership concentrated in SPP and ERCOT.”

Read more: FERC: Solar + wind made up 90% of new US power generating capacity to July 2025


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GM kills BrightDrop electric van production, blames ‘slow demand’ as sales were ramping

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GM kills BrightDrop electric van production, blames 'slow demand' as sales were ramping

General Motors today pulled the plug on its BrightDrop electric delivery van program, announcing it will permanently end production at its CAMI Assembly plant in Ingersoll, Ontario.

This is a disappointing reversal for a program that was supposed to be a cornerstone of GM’s commercial EV ambitions.

In a statement, the company blamed a “slower than expected” commercial EV market, a “changing regulatory environment,” and the elimination of US tax credits for the decision. Production will not be moved elsewhere; the BrightDrop Zevo line is, for all intents and purposes, dead.

The move comes just two years after GM, with $500 million in Canadian government support, celebrated opening CAMI as Canada’s “first full-scale EV manufacturing plant.”

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The company delivered a marginal 146 vans in the US in 2022 and just 497 in all of 2023.

But things were finally picking up this year despite a production pause in April.

Data from 2025 shows the ramp was finally hitting its stride, with sales reportedly jumping to 2,384 units in the third quarter alone—a massive 869% increase year-over-year. The company was on track to sell around 4,000 units this year.

That’s not a massive number, but it was heading in the right direction.

GM, however, sees it differently. As noted by industry observers, GM executives are comparing BrightDrop’s 4,000 sales to the 60,000+ sales of its ancient, gas-guzzling Chevy Express and GMC Savana vans, a platform that dates back to the 1990s.

While GM’s official statement to the CBC was that the decision was “simply a demand and a market-driven response,” the Unifor auto union isn’t buying it. The union, which represents the 1,200 laid-off workers, squarely blamed the “dangerous and destabilizing auto policies” of the Trump administration for undoing EV supports.

Furthermore, vehicle programs that cross the US-Canada border have faced significant challenges in 2025 due to the trade war launched by the Trump administration against Canada.

Electrek’s Take

It’s another EV pullback partly based on government actions.

But we can’t blame everything on Trump. GM is quick to pull back its EV programs due to political considerations, which do drive demand.

The company took half a billion dollars in taxpayer money to retool a factory, only to abandon it less than 36 months after the first van rolled off the line. They are abandoning what will undoubtedly be a growing market in the long term, ceding ground to Ford’s E-Transit and Rivian’s van, and blaming “low demand” at the very moment sales were beginning to spike.

Brightdrop’s lineup was a bit bigger than other commercial electric vans, which might have limited its market, but I still think that long-term, there will be a singnifcant market for electric vans in this segment.

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