US SEC X account hacked, shared falsified Bitcoin news

US SEC X account hacked, shared falsified Bitcoin news:  On Tuesday, the US Securities and Exchange Commission (SEC) announced that it had approved a bitcoin exchange-traded fund, confirming that X’s account had been compromised.

The “unauthorized” message on the platform was published shortly after 4 p.m. ET, according to US Today.

Knowing this, SEC Chairman Gary Gensler stated on X that “the listing and trading of spot bitcoin exchange-traded products has not been approved by the SEC.”

A spokesman for the SEC assured reporters that the matter will be looked into and the necessary action taken by the security agencies.

US SEC X account hacked, shared falsified Bitcoin news

“The SEC will work with law enforcement and our partners across government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct,” the spokesperson said.

The SEC is expected to make a judgment this week regarding the approval of an exchange-traded fund (ETF) for the cryptocurrency, as predicted by experts. According to CNBC, several asset managers have submitted applications to establish bitcoin exchange-traded funds (ETFs).

The cryptocurrency’s value increased from roughly $46,730 to just under $48,000 as a result of the fraudulent tweet. The price fell to about $45,200 when the regulator made the post’s nature clear.

Concerns about security were also raised by the attack for X and the SEC.

“Just like the SEC would demand accountability from a public company if they made a colossal market-moving mistake, Congress needs answers on what just happened,” Sen. Bill Hagerty, R-Tennessee, who sits on the Senate Banking Committee, told the Associated Press.

“This has to be the most sophisticated use of a stolen Twitter account ever,” Alex Stamos, chief trust officer at SentinelOne and former security chief at Meta Platforms Inc., told Bloomberg. “At a minimum, this indicates that the hollowed-out X team can’t keep up with advances in account takeover techniques.”


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