Authorities had called in their Police Cyber Terror Response teams and verified the hoax. They made a public statement saying, "Please stop such actions that are causing pain to the families of missing passengers. The malicious distributors of these texts will be strictly dealt with."

On Friday, the death toll rose to 29, and there were still some 270 people missing, most of them high school students. (Photo via AP/CNN)

An arrest warrant was issued for two crew members and the captain of the ferry, who were among the first group rescued.

Maritime law attorney Jack Hickey told CNN, "This captain violated the age-old rule and internationally recognized rule that a captain must stay on the vessel. Pretty much every law, rule, regulation and standard throughout the world says that yes, the captain must stay with the ship until all personnel are safely off of the ship, certainly passengers." (Photo via AP/CNN)

Officials say it's possible that some of the passengers on board the sunken vessel could have found small pockets of air, and could still be alive.

"Absolutely, there could be areas in there where there is breathable air," said Mike Dean, the U.S. Navy deputy director for salvage and diving. "But the trouble right now is the temperature and getting people to them."

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