SEC’s X Account Gets Briefly Hacked, Makes an Unauthorized EFT Post

Just days after experts started predicting that the SEC will likely approve Bitcoin EFTs, the regulator’s official X (former Twitter) account has been hacked. Shortly after, the hacker posted that EFTs are greenlit, but the tweet was immediately taken down.

The Hack Raised Numerous Security Concerns

In a statement to Coindesk, a spokesperson for the regulator confirmed that the X account was compromised and that the post was not approved. After the tweet was taken down, the U.S. Securities and Exchange Commission confirmed that Bitcoin EFTs are not yet approved.

While speaking about the identity of the hacker, the spokesperson noted that the activity was done by an “unknown party” and that the SEC will work with authorities to “investigate the matter” related to the misconduct. The chairman of the SEC, Gary Gensler, doubled down on X and confirmed that EFTs have not been authorized.

The breach raised numerous eyes of the public as they wondered how a commission that is in charge of security could fall victim to a hack. Senators J.D. Vance and Thom Tillis even sent a letter to the SEC in which they demanded a full explanation behind this major breach.

In the letter, they say that it is unacceptable for an agency that regulates the “epicentre of the world’s capital markets” to make a colossal error such as this one.

What’s even worse is that X’s Safety Team confirmed that SEC actually did not have a 2FA in place. X went on to say that this is another example of why users should enable and use this “extra layer of security.”

Bitcoin’s Price Jumped, Then Plummeted

SEC’s fake X post said that “SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.” It went on to say that Bitcoin EFTs will be subject to surveillance before being deleted.

Shortly after the fake post, Bitcoin’s price jumped from $46,800 to $47,680. However, after the SEC noted that the EFTs were not officially approved, Bitcoin’s price dropped to $45,400. Both bots and punters reacted quickly to the tweets and as such, over $500 million in futures positions were opened up ten minutes after the fake tweet.

Crypto market participants were extremely worried about the SEC and they even asked how can the regulator safeguard a market that has the potential to be worth trillions of dollars when it cannot even secure a social media account.

At the moment, a total of 13 proposed EFTs are awaiting the green light from the SEC. A final decision is to be brought today, Wednesday. Experts state that they are 90% convinced that the SEC will approve the SEC and begin a new journey for the crypto market.

Rumours state that the battle for customers is already heated. Certain issuers allegedly offer six-month plans without any additional fees.