In a remarkable incident, the Twitter account of the U.S. Securities and Exchange Commission (SEC) was hacked, spreading a false tweet about the approval of a spot Bitcoin exchange-traded fund (ETF). The confusion and reactions within the crypto community were immediate. The following is a summary of the events.
Events:
Gary Gensler, chairman of the SEC, confirmed that the SEC's Twitter account had been compromised and an unauthorized tweet had been posted about the approval of a spot Bitcoin ETF. Despite the rapid correction, speculation remained high.
Elon Musk, the CEO of Tesla, also interfered in the drama and commented on Dogecoin in response to the fake tweet. Although Musk was previously coy about cryptocurrencies, he still seems to be following market developments.
Two U.S. senators, J.D. Vance and Thom Tillis, express concern about the incident and call for a report from SEC Chairman Gary Gensler on the hack. They stress the need for clarity on the commission's internal cybersecurity procedures.
Crypto community response:
The hack led to widespread confusion and unpredictable reactions from investors and the markets. Many pointed to the SEC's unpreparedness against cyberattacks. An internal investigation confirmed that the SEC account was not using two-factor authentication at the time of the breach.
Recent events not only highlight the vulnerability of official social media accounts, but also raise questions about regulators' preparedness against cyber threats. Senators' call for a thorough report highlights the seriousness of the situation and the need for transparency within financial regulators. Stay tuned for further developments around this remarkable event.
At the time of publication, the price of Bitcoin is $46.066.