Connect with us

Hi, what are you looking for?



SEC Chair Says Account on X Was Hacked

The SEC said that a post on X, announcing that the securities regulator had approved the trading of exchange-traded funds holding bitcoin was fake, and that the agency’s account had been “compromised.”

SEC Breach Disclosure Rules

The Securities and Exchange Commission said Tuesday that a post sent from the agency’s account on the social platform X announcing the approval of a long-awaited bitcoin exchange-traded fund was “unauthorized,” and that the agency’s account was hacked.

The price of bitcoin briefly spiked more than $1,000 after the post on X, formerly known as Twitter, claimed “The SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.” Cryptocurrency investors had already driven bitcoin’s price above $46,000 in anticipation of the approval.

An ETF would provide a way to invest in bitcoin without having to buy the cryptocurrency outright on a crypto exchange such as Binance or Coinbase.

But soon after the initial post appeared, SEC Chairman Gary Gensler said on his personal account that the SEC’s account was compromised and, “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.” Gensler called the post unauthorized without providing further explanation.

“Welp,” wrote Cory Klippsten, CEO of Swan Bitcoin, on X. Like many bitcoin investors, Klippsten had been expecting the agency to approve bitcoin ETFs potentially as soon as this week.

The price of bitcoin swung from about $46,730 to just below $48,000 after the unauthorized post hit, and then dropped to around $45,200 after the SEC’s denial. It was trading around $46,150 at 6:15 p.m. ET.

It was unclear how the SEC’s social media account was hacked. Shortly after Gensler’s statement, it appeared that the SEC had gotten control over the account.

Politicians, particularly Republicans who have long expressed frustration at how Gensler operates the SEC, quickly expressed anger at the SEC’s lax security controls over its accounts.

Advertisement. Scroll to continue reading.

“Just like the SEC would demand accountability from a public company if they made a colossal market-moving mistake, Congress needs answers on what just happened,” said Sen. Bill Hagerty, R-Tennessee, who sits on the Senate Banking Committee.

This is not the first time there has been false market-moving information about the future of bitcoin on regulated exchanges. A false report back in October implied that fund manager BlackRock had gotten approval for bitcoin ETF, causing bitcoin prices to jump sharply.

Elon Musk gutted Twitter’s content moderation and security teams after taking over the platform in late 2022. And while internet watchdog groups have complained about a spike in toxic content, including antisemitic and other hate speech on X, many also worry about account integrity.

“The consequences of account takeovers could potentially be significant, and especially during an election year,” said Brett Callow, an analyst with the cybersecurity firm Emsisoft.

A spokesman for X did not immediately respond to a request for comment.

Written By


Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Gain valuable insights from industry professionals who will help guide you through the intricacies of industrial cybersecurity.


Join us for an in depth exploration of the critical nature of software and vendor supply chain security issues with a focus on understanding how attacks against identity infrastructure come with major cascading effects.


Expert Insights

Related Content


The three primary drivers for cyber regulations are voter privacy, the economy, and national security – with the complication that the first is often...


Government agencies in the United States have made progress in the implementation of the DMARC standard in response to a Department of Homeland Security...

Application Security

Virtualization technology giant VMware on Tuesday shipped urgent updates to fix a trio of security problems in multiple software products, including a virtual machine...

Application Security

Fortinet on Monday issued an emergency patch to cover a severe vulnerability in its FortiOS SSL-VPN product, warning that hackers have already exploited the...


Web scraping is a sensitive issue. Should a third party be allowed to visit a website and use automated tools to gather and store...

Cloud Security

Proofpoint removes a formidable competitor from the crowded email security market and adds technology to address risk from misdirected emails.

Application Security

Microsoft on Tuesday pushed a major Windows update to address a security feature bypass already exploited in global ransomware attacks.The operating system update, released...

Application Security

Password management firm LastPass says the hackers behind an August data breach stole a massive stash of customer data, including password vault data that...