Quick Highlights:
- A hacker used the SEC’s compromised phone number to post fake Bitcoin ETF approval news on Twitter.
- The incident raises serious concerns about the SEC’s cybersecurity measures.
Twitter Confirms SEC Account Compromise
In a startling revelation, Twitter’s Safety team announced that the SEC’s account was compromised, leading to the spread of false information about Bitcoin ETF approvals. This breach was not due to a Twitter system failure but resulted from an unauthorized individual gaining control over the phone number linked to the @SECGov account.
Impact on Bitcoin and Market Reactions
The false post caused a temporary surge in Bitcoin’s price, followed by a swift crash once SEC Chair Gary Gensler clarified the misinformation. This incident has sparked new questions about the SEC’s cybersecurity protocols, especially given its role as a key investment regulator whose statements significantly impact the market.
Senators Demand Answers
U.S. Senators J.D. Vance and Thom Tillis have expressed their concerns in a letter to the SEC, criticizing the agency for such a significant security lapse. They emphasized the gravity of the situation, considering the SEC’s responsibility in overseeing the world’s most crucial capital markets.
Lack of Basic Security Measures
Twitter revealed that the compromised SEC account did not have two-factor authentication enabled, a basic yet crucial security feature. This oversight has led to calls for all users, especially regulatory bodies, to strengthen their online security.
Awaiting SEC’s Response
As the crypto community and investors seek clarity, an SEC spokesperson has yet to respond to the situation. This incident serves as a stark reminder of the importance of robust cybersecurity measures in today’s digital age.
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