Bitcoin and the cryptocurrency world were recently stirred by the hacking of the SEC’s Twitter account and a false announcement of a Bitcoin ETF approval. SEC Chairman Gary Gensler was expected to make a statement regarding the incident. Gensler provided information about what happened with his announcement. Let’s look at the details of the statement together.
Hacker Made Two Bitcoin-Related Posts
Unexpectedly, SEC Chairman Gary Gensler announced that an unauthorized party accessed the official SEC Twitter account on Wednesday, January 10, 2024. The unauthorized party falsely announced the Commission’s approval of spot bitcoin exchange-traded funds. While the second post containing the word BTC was deleted, the first announcement remained visible. The SEC ensures that no systems or data were compromised during the incident.
Rapid Response and Recovery Efforts
The SEC’s Office of Public Affairs swiftly took action upon discovering the breach. A warning post was made from SEC Chairman Gary Gensler’s official Twitter account, clarifying that the Commission had not approved any products traded on the spot bitcoin exchange. The official SEC Twitter account later confirmed the compromise and sought assistance from X.com to terminate the unauthorized access. It took approximately four hours to resolve the breach.
In response, the SEC is collaborating with law enforcement and federal oversight agencies, including the SEC’s Office of Inspector General, the Federal Bureau of Investigation, and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. Together, they will conduct a comprehensive investigation into the hack. The SEC will provide updates on the incident as appropriate.
It is worth noting that the SEC primarily uses its official website (http://www.sec.gov) to communicate with the public about its actions. Social media channels, including Twitter, are used to reinforce announcements made on the SEC’s website.
Please note that the information in this article does not constitute investment advice. It is essential for investors to conduct their own research and be aware of the risks associated with cryptocurrencies, as they are highly volatile.
By implementing swift response and recovery measures, as well as emphasizing ongoing evaluations and collaboration with federal agencies, the SEC aims to safeguard its systems and maintain public trust. As the investigation unfolds, the cryptocurrency community awaits further updates from the SEC regarding the incident and its potential implications.
