U.S Cryptocurrency Regulatory Body SEC, X (Twitter) Compromised Over Bitcoin ETF
U.S. Securities and Exchange Commission (SEC) suffered a surprise attack on its official X (Twitter) account hack at around 22:40 UTC tonight. The unknown threat actor posted the alleged approval of Bitcoin ETF.
Bitcoin ETF Saga
Shortly after the attack, the U.S. Securities and Exchange Commission debunked the claims. He did this via his X account and acknowledged that hackers compromised the regulator’s X account page and SEC did not approve the listing and trading of spot bitcoin exchange-traded products.
Undeniably, many traders are eagerly anticipating the approval. The hack is a timely attack that can cause a ripple effect in the market when stirred in the direction of the hack’s objective. In the wake of the event, BTC’s price briefly touched $48k before retracing.
This is not the first time SEC is losing its account. Earlier on October 16, 2023, they suffered a similar cyber intrusion that left many puzzled. The hacker left a quote saying “careful what you read on the internet, the best source of information about the SEC is the SEC.”
That brief quote encountered on the SEC X home page causes some nerve strains to speculators and fears to investors who are tracking every possible news to take advantage. An X user asks anxiously, “Was the account compromised or was a drafted tweet released prematurely by someone with authorized access to the account?”
Hackers Objective Sustained
Many may conclude that the threat actors’ objective was to cause panic and promote market disruptions. How successful they were at their aim is a question only time can answer.
In an outburst, an X user commented on the reversed post saying ‘You usually give penalties in the 100s of millions when other private investment firms make mistakes like this that manipulate the market, what will you do to fix this’?.
Additionally, several voices rised in opposition to the SEC’s inability to protect its account and allow a costly error. This hack in effect raises questions, how are SEC supposed to protect investors when it can’t protect its X account? a user voiced.
