India – 10/16/2021: In this illustration, the Bitcoin logo is displayed on a smartphone with the ETF (exchange-traded fund) logo in the background. (Image illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)
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Social media company
“Based on our investigations, the settlement was not due to any breach of X’s systems, but rather due to an unknown person taking control of a phone number associated with X.” @SECGov account through a third party,” X said in mailWhich confirms that the Securities and Exchange Commission account was hacked.
“We can also confirm that the account did not have two-factor authentication at the time the account was hacked,” X said in the post.
Bitcoin prices rose after the unauthorized post, but quickly fell below $46,000 after the SEC clarified that it had not yet approved a Bitcoin exchange-traded fund. It was trading at about $45,958 at around 12:20 a.m. ET.
“The SEC’s @SECGov The stock exchange or its employees.
The false social media post said the regulator approved trading of Bitcoin ETFs, something SEC Chairman Gary Gensler denied.
The market expects the regulator to give the green light to the Bitcoin exchange-traded fund. The SEC is expected to act on it this week after opposing the idea for years.
Gensler has pursued cryptocurrencies during his tenure, with the SEC taking legal action against exchanges like Coinbase and Ripple, accusing both of them of selling unregistered securities.
— CNBC’s Jesse Pound contributed to this report.