Interested in the recent hack of the US Securities and Exchange Commission’s (SEC) X account and the fake news about Bitcoin ETF approval?. This article covers SEC’s X Account Hack details, fake news impact, and the subsequent response from the SEC.
Source Chainaffairs.com: Fake message announcing Bitcoin ETF approval from the @SECGov compromised account
SEC’s X Account hacked by threat actors.
On January 9, 2024, the X account of the SEC was hacked by threat actors. The hackers used the account to publish a fake news story about the approval of Bitcoin ETFs. This caused a sudden increase in the price of Bitcoin. However, the SEC debunked false news, clarifying no approval for Bitcoin commercial products. The SEC’s chairman, Gary Gensler, confirmed the hack and stated that the commission had not approved Bitcoin ETFs.
Official statement from the @SECGov saying its account was compromised.
The hack occurred post the SEC’s expected approval of Bitcoin investment funds. An unidentified individual gained control of a phone number associated with the SEC’s account through a third party, leading to the hack .
Morover, X, previously named Twitter, affirmed no system violation.
Additionally, the SEC stated that it would work with law enforcement and its partners across the government to investigate the matter and determine the appropriate next steps regarding unauthorized access and any related behavior.
Harnessing Social Media: SEC’s Cybersecurity Measures and Regulatory Efforts in Cryptocurrency Market Protection
The hack exemplifies how threat actors use social media for spreading false information and manipulating financial markets. The SEC has been working to improve its cybersecurity and prevent future attacks. Furthermore, the US Securities and Exchange Commission’s has also been working to regulate the cryptocurrency market and has rejected several Bitcoin ETF requests in the past. SEC voices concern over cryptocurrency market regulation gaps, urging lawmakers to take action for investor protection. The SEC asserts commitment to protecting investors and ensuring fair financial markets.
In conclusion, the hack of the SEC’s X account and the fake news about Bitcoin ETF approval is a reminder of the importance of cybersecurity and the need for regulation in the cryptocurrency market. The SEC is working to prevent future attacks and protect investors. We hope that this article has provided you with valuable information about this incident.
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