X Confirms SEC Account Hack After Fake Bitcoin ETF Announcement

Elon Musk X Twitter

The Safety Team at X platform reported that the Twitter account of the U.S. Securities and Exchange Commission (SEC) was hacked.

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The Safety Team at X platform confirmed that an unidentified person compromised the U.S. Securities and Exchange Commission’s (SEC) Twitter account after a preliminary investigation. The crypto community faced confusion when the SEC X Account announced the approval of a Bitcoin ETF, only for it to be later revealed as an unauthorized post.

Surprising Event with SEC and Bitcoin

Something unexpected happened right before they were supposed to approve the Bitcoin ETF. The SEC’s X account shared on Twitter that they gave approval, and suddenly, the price of Bitcoin shot up. But then, SEC Chair Gary Gensler quickly said the account got hacked, and the message was not allowed. People started guessing that Gensler might be blaming hacking and pointing fingers at a Commission worker for telling things too early.

What’s important here is that the SEC account didn’t have two-factor authentication when it got hacked. The Safety Team at X platform said, “We checked, and the SEC account was hacked, but it wasn’t because of a problem with X’s systems.”

They explained that someone, who we don’t know, took control of a phone number linked to the SEC account through another person, and that’s how the hacking happened. The agency promised to work with the police to look into the situation more. This whole incident not only made people worry about the safety of official accounts but also showed how not having strong security measures can be a big problem.

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SEC Twitter Hack Raises Concerns and Calls for Investigation

People are upset about the hacking of the SEC X account, worried that unauthorized messages could lead to unfair practices. The incident, where a fake announcement about approving the Bitcoin ETF was made, caused big changes in the price of Bitcoin and millions of dollars in trades.

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Now, many are calling for a deep investigation into what happened, including US Congress members. Senator Bill Hagerty says the SEC should be held accountable just like any public company, especially when it comes to fixing misinformation and market manipulation.

While the SEC is supposed to keep everyone in check, this event, especially with the crucial Bitcoin ETF approval, makes us question how well the current SEC leaders are doing. They have been critical of the crypto world, and this incident makes people wonder if the SEC can handle the fast-changing cryptocurrency market.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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