It was posted shortly after 4 p.m. and attracted millions of views before the SEC regained control and declared the previous statement false. By then, some media had published the initial news.
SEC Chairman Gary Gensler later Published on X The agency’s account was hacked, and an unauthorized tweet was published. The Securities and Exchange Commission (SEC) has not approved the listing and trading of exchange-traded products on a Bitcoin spot exchange.”
His post came after the SEC’s statement that the hacker briefly took control of the company.
“The SEC will work with law enforcement and our partners across the government to investigate the matter and determine appropriate next steps regarding both unauthorized access and any related misconduct,” spokeswoman Stephanie Allen said.
Bitcoin proponents have repeatedly asked the SEC for permission to list these funds, because it would give investors a more regulated way to participate in cryptocurrency markets.
This false post briefly sent Bitcoin prices soaring, so that anyone with knowledge of the scam could stand to make a huge profit.
The hijacking was also notable because the account was not only an official news source, but an account marked with an X with a silver check mark, meaning it was verified as a prominent and important government account.
It is unclear whether these accounts include special security arrangements, but it would be surprising if the SEC account did not include at least a minimal form of two-factor authentication.
The hack comes after smaller government accounts and the accounts of some accounts containing gold checks, which were given to private institutions, were hacked over the past few weeks.
Since these accounts also likely have two-factor authentication, some security experts believe the wave of hijackings indicates a widespread security vulnerability or the presence of new technology. X did not respond to an email seeking comment.