U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has released an update on the investigation into a recent cyberattack on the agency’s Twitter account. In a statement posted on Friday, Gensler provided details of the incident and the subsequent actions taken by the SEC.
The incident occurred three days ago when the official SEC Twitter account posted a false tweet announcing the approval of all Bitcoin exchange-traded funds (ETFs) under review by the agency. This misleading information caused widespread anticipation and confusion within the cryptocurrency community.
Shortly after the fake tweet was posted, Gensler’s personal Twitter account clarified that the SEC’s account had been compromised. The unauthorized party responsible for the hack made two posts, one announcing the approval of Bitcoin ETFs and another simply stating $BTC. Although the second post was later deleted, the initial false announcement remained.
In addition to these posts, the unauthorized party also liked two tweets by non-SEC accounts using the compromised @SECGov account. The SEC staff swiftly deleted the false post and un-liked the tweets, ensuring that corrective action was taken promptly.
Gensler confirmed that the SEC is currently assessing the extent of the cyberattack, but there is no evidence to suggest that the unauthorized party gained access to any other SEC systems, data, or social media accounts. The agency acted swiftly to remove the hackers from the account and terminate their unauthorized access within 90 minutes of the incident.
Twitter has acknowledged the incident but emphasized that it was not caused by a breach of their platform. They stated that an individual gained control of the @SECGov account by exploiting a phone number associated with the account through a third party.
Gensler expressed the SEC’s commitment to cybersecurity and its ongoing efforts to investigate the incident alongside the U.S. Federal Bureau of Investigation, the SEC’s Office of Inspector General, and the Department of Homeland Security. He further emphasized that the SEC does not use social media channels, such as Twitter, to make formal announcements about agency actions. Instead, such announcements are exclusively made on the SEC’s official website.
As investigations continue, the SEC recognizes the potential impact of such incidents on its reputation, investor confidence, and the broader marketplace. The agency will assess whether additional measures are necessary to prevent future unauthorized access to its social media accounts.
The incident has sparked interest beyond the realm of finance and regulation. Digital artist Billy Restey has immortalized Gensler’s compromised tweet on the Bitcoin blockchain, highlighting the significance of this event in the history of cryptocurrency.
In conclusion, Chair Gary Gensler has provided an update on the recent cyberattack targeting the SEC’s official Twitter account. Although the incident caused temporary confusion within the cryptocurrency community, the SEC swiftly took action to rectify the situation. The agency is collaborating with relevant authorities to identify the culprits behind the attack and remains committed to ensuring the security of its social media accounts.
