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- X’s Safety team has clarified the situation regarding the SEC’s misleading tweet, asserting that a hacker took advantage of SEC Chair Gary Gensler’s phone number to disseminate false information about spot BTC ETF approvals.
As reported by the social media platform X, the Securities and Exchange Commission (SEC) failed to implement fundamental security protocols on its X (formerly Twitter) account, which was “compromised” to circulate inaccurate bitcoin ETF information.
On Tuesday evening, X’s Safety team announced it had concluded its “preliminary investigation” into the SEC’s erroneous post regarding the approval of bitcoin ETF applications, which the agency attributed to its “compromised” account.
“The compromise was not a result of any breach of X’s systems, but rather due to an unidentified individual gaining control over a phone number linked to the @SECGov account via a third party,” X’s Safety account stated.
See Also: US Senators Seek Gary Gensler’s Report On X Breach, Deadline Monday
This explanation appears to dismiss the possibility of an “inside job” or “fat finger” error related to the midday post.
The price of Bitcoin (BTC) surged following the post but quickly plummeted after SEC Chair Gary Gensler confirmed that the announcement was fraudulent.
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This incident raises further concerns regarding the basic security measures adopted by the SEC, the leading investment regulator in the US, whose statements are closely monitored and acted upon.
Gensler has previously urged investors to prioritize their security.
This serves as a reminder to secure your financial accounts and guard against identity theft and fraud.
Remember to:
Utilize strong passphrases or passwords
Implement multifactor authentication
Keep account alerts activated #CybersecurityAwarenessMonth https://t.co/qitGkujLxD
— Gary Gensler (@GaryGensler) October 24, 2023
Utilize strong passphrases or passwords
Keep account alerts activated #CybersecurityAwarenessMonth https://t.co/qitGkujLxDUS senators J.D. Vance and Thom Tillis have addressed a letter to the SEC requesting an explanation regarding its cybersecurity shortcomings.
BREAKING: Senators @JDVance1 & @SenThomTillis Demand Explanation For The SEC’s Errant Announcement Of The Approval Of Spot-Bitcoin ETFs
"It is unacceptable that the agency entrusted with regulating the epicenter of the world’s capital markets would make such a colossal error." pic.twitter.com/xG77jM9xAM
— Senator Vance Press Office (@SenVancePress) January 10, 2024
“It is unacceptable that the agency entrusted with regulating the epicenter of the world’s capital markets would make such a colossal error,” they stated.
“We can also confirm that the account did not have two-factor authentication enabled at the time it was compromised. We encourage all users to activate this additional layer of security,” X reported.
“turns out the sec was worried about the wrong security” pic.twitter.com/NAComcTcSH
— twicrates 5’8.375 (@twicrates) January 9, 2024
The post Hacker Exploited SEC Chair’s Phone Number To Post Fake Spot BTC ETF Approval: X appeared first on BitcoinWorld.
