The U.S. Securities and Exchange Commission’s X account experienced a security breach. As a result, a false Bitcoin ETF Approval Tweet on security exchanges was issued through a tweet from the compromised account. With the SEC’s X account hacked, and the false Bitcoin ETF approval tweet, Bitcoin saw a short-lived spike when the SEC confirmed the hack.
SEC’s X Account Hack Followed a Fake Bitcoin ETF Approval Tweet Featuring Image of SEC Chairperson Gary Gensler
The false Bitcoin ETF Approval tweet reads:
“Today the SEC grants approval to Bitcoin ETFs for listing on registered national security exchanges,”
“The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.”
Reads the fake X post.
SEC’s hacked X account was used to post the fraudulent tweet featuring an image of SEC Chairperson Gary Gensler and a quote endorsing the purported approval.
This misleading information gained traction, garnering attention from cryptocurrency and mainstream news platforms. Consequently, Bitcoin experienced a temporary surge in its value.
However, the price rally was short-lived, as news broke that the SEC’s X account had been compromised and used to disseminate the false announcement.
“The @SECGov twitter account was compromised, and an unauthorized tweet was posted,”
SEC Chairperson Gary Gensler tweeted.
“The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
SEC said in a statement to BleepingComputer.
SEC’s Response to the X Account Hack
The details of the hack provided by the Securities and Exchange Commission are miniscule.
“The SEC has determined that there was unauthorized access to and activity on the @SECGov x.com account by an unknown party for a brief period of time shortly after 4 pm ET. That unauthorized access has been terminated.
The SEC will work with law enforcement and our partners across the government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct.”
X Account Hacks Are Rising as X Becomes a Breeding Ground for Crypto Hacks
In the last month, there has been a significant surge in account breaches on X, affecting multiple verified organizations. These breaches have been utilized to propagate cryptocurrency scams and share links that lead to wallet drainers.
Recently, the X accounts of Netgear and Hyundai MEA fell victim to hacking attempts.
Another similar victim was Mandiant. Surprisingly, even with two-factor authentication enabled, Mandiant’s X account was hacked on Wednesday, highlighting the audacity and sophistication of the hackers involved.
Furthermore, X’s advertising platform has become a breeding ground for malicious activities. Threat actors have exploited this platform to create a seemingly unending flow of deceitful advertisements.
These advertisements promote cryptocurrency scams and direct users to websites that facilitate wallet draining. The constant influx of such malicious content has posed a significant challenge to the platform’s integrity and security.
