SEC Confirms Hack on X Account, Denies Approval of Bitcoin ETF

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SEC Confirms Hack on X Account, Denies Approval of Bitcoin ETF
On Wednesday (10/1/24), the SEC announced that a post from account X, claiming approval of the Bitcoin spot ETF, was false, citing that their account X had been hacked. This information triggered a reaction in the crypto prices.

SEC's X Account Falls Victim to Hack

The official SEC account on platform X was claimed to have been hacked, according to a statement by SEC Chairman Gary Gensler in a post on his official X account.

"The @SECGov Twitter account has been hacked, and unauthorized tweets have been posted," wrote Gensler.

He added that the SEC had not given approval for all Bitcoin spot ETF applications.
Before the hacking claim, the SEC's X account had posted a statement approving all Bitcoin spot ETF applications, but the post has since been deleted.

Image : ScreenShoot Source : User X

It is unclear how the SEC's social media account could be compromised. The SEC seems to have regained control of its account shortly after Gensler's statement about the hacking.

Crypto Prices Experience High Volatility

Some individuals in the crypto community argue that this incident has disrupted the crypto market.

Image : Bitcoin Chart

"Whether @secgov was hacked, or @garygensler was hacked, or the SEC simply messed up its own announcement. All three possibilities are the same – the SEC is responsible for this," said Mike Belshe, CEO of the crypto custodial company Bitgo, in a post on X.

As a result of this incident, the price of BTC briefly surged from US$46,730 to US$47,975 after the false ETF news emerged, and then dropped to around US$45,000 after the SEC denied approving the ETF.

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