SEC cites 'unknown party' as account hacked at X to promote crypto

The Securities and Exchange Commission has reported that an “unknown party” hacked its official account on social media platform X to promote Bitcoin, the latest in a number of hacks used to propel cryptocurrencies.

@SECGov account The agency has approved bitcoin exchange-traded funds to list on national exchanges on the site, formerly known as Twitter.

The post occurred just after 4 p.m. and attracted millions of views before the SEC took back control and declared the earlier report false. At the time, the initial post was reported by some media outlets.

SEC Chairman Gary Gensler then Published in X The agency's “account was compromised, and an unauthorized tweet was posted. The SEC does not authorize the listing and trading of spot bitcoin exchange-traded products.

His post follows an SEC report that a hacker briefly took control.

“The SEC will work with our partners in law enforcement and government to investigate this matter and determine the appropriate next steps for both unauthorized access and related misconduct,” spokeswoman Stephanie Allen said.

Bitcoin proponents have repeatedly asked the SEC for permission to list such funds, as they offer a more regulated way for investors to participate in crypto markets.

Incorrect registration Briefly a Spikes At the price of Bitcoin, anyone who knew about the scam could have reaped a huge profit.

The hijacking is significant because the account was not only a source of official news but also stamped with a silver check mark by X, meaning it was verified as a vital and important government account.

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It's unclear whether such accounts have special security provisions, but it would be surprising if the SEC account didn't have at least two-factor authentication.

Small government accounts issued to private companies and some accounts containing gold checks were hacked in the last few weeks.

Because those accounts may have two-factor authentication, some security experts believe the number of hijackings is a broader vulnerability or a new technique at play. X did not respond to an email seeking comment.

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