Commentary from the SEC on the Breach of Its X Account and the Ensuing False Bitcoin ETF Approval Declaration
On January 9, 2024, there was a major cyberattack on the U.S. Securities and Exchange Commission (SEC). Someone who wasn't supposed to have access got into the SEC's official X.com (formerly Twitter) account and made a false statement about the approval of spot Bitcoin ETFs. The SEC's phone number was stolen, which allowed someone who wasn't authorized to do so to post a false message saying that the SEC had approved spot bitcoin exchange-traded funds (ETFs) and then another message that was hard to understand that said "$BTC." As soon as the SEC staff learned about the breach, they sent out an official statement from Chair Gary Gensler's @garygensler X.com account. They said that someone had hacked into the @SECGov account and that no such permission had been given. It was possible to stop the unauthorized access, and by 4:42 pm ET, a new message on the @SECGov account confirmed that the account had been hacked. This event caused major secur...