The SEC explained the fake post in X about the approval of the Bitcoin ETF as a hack

The SEC explained the fake post in X about the approval of the Bitcoin ETF as a hack

Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler stated, that the official account of the regulator in X was “compromised”, as a result of which the attackers published a message about the approval of the application to launch a Bitcoin ETF. A similar statement published and SEC account.

“The Securities and Exchange Commission determined that unknown persons accessed the SEC account after 4 p.m.,” an SEC spokesperson said in a statement to Wired. “Unauthorized access has now been blocked, and the Commission will cooperate with law enforcement agencies and our partners in government during the investigation of the incident and any related wrongdoing.”

Social network X also reported on the results of the preliminary investigation into the hack. X is believed to have been able to hack into the SEC account by gaining control of the phone number it was registered to.

“Based on our investigation, the compromise did not occur through a breach of X’s systems, but rather because an unknown individual gained control of the phone number associated with the SECGov account through a third party,” the company wrote. “We can also confirm that the account was not protected by two-factor authentication when it was compromised.”

Earlier, the SEC’s record in X published a notice of approval of the application for the launch of a financial product Bitcoin-ETF, which would allow investing in Bitcoin as a standard stock. The fake post caused the price of Bitcoin to briefly jump by about 2.5% to nearly $47.8K. The price then fell by about 3.2%.

After news of the hack, US Senator Bill Hagerty statedthat Congress should also join the investigation into the incident.

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