SEC says X account was hacked after apparent bitcoin fund approval on January 9, 2024 at 9:45 pm Business News | The Hill

The Securities and Exchange Commission’s (SEC) account on the platform formerly known as Twitter was breached Tuesday, the agency said, after it appeared to announce the approval of several bitcoin investment funds.

“The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” the agency said in a Tuesday afteroon post on X.

The SEC’s account on X posted a message earlier Tuesday — featuring a picture of SEC Chairman Gary Gensler — announcing the approval of exchange-traded funds (ETFs) holding bitcoin.

The incorrect post was online for roughly 30 minutes before it was deleted and replaced with the SEC’s disavowal.

The SEC first responded to the hack through Gensler’s official account on X, which posted a nearly identical statement 15 minutes after the SEC’s apparent approval of bitcoin ETFs.

Both Gensler and the SEC’s official account are verified on X as government figures.

The SEC has been expected to announce the approval of several bitcoin ETFs by Wednesday in compliance with a federal court ruling, including a fund from Greyscale holding roughly $29 billion in bitcoin.

The price of bitcoin briefly surged on the false news, jumping to nearly $48,000, before tumbling lower than its price earlier in the day, to less than $46,000.

Cryptocurrency investors and advocates have eagerly awaited the approval of bitcoin ETFs after a brutal year of losses for industry. Supporters of the bitcoin ETFs say they would help expand crypto investment options and cement digital currencies as a pillar of the financial system.

The SEC had fought against the approval of bitcoin ETFs under Gensler, a Democrat appointed by Biden who has expressed deep concerns about cryptocurrencies. Crypto advocates have long accused Gensler of throttling the industry through aggressive enforcement actions and unclear legal guidance.

Updated at 5:24 p.m. Julia Shapero contributed.

​Business The Securities and Exchange Commission’s (SEC) account on the platform formerly known as Twitter was breached Tuesday, the agency said, after it appeared to announce the approval of several bitcoin investment funds. “The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot…