Valkyrie CIO Steven McClurg reacts to companies waiting for spot Bitcoin ETF ruling on 'The Claman Countdown'.
Company X's corporate security account determined that Tuesday's post from the Securities and Exchange Commission (SEC) regarding Bitcoin was not the result of a hacking attempt.
About 15 minutes after the SEC said on X that Chairman Gary Gensler had approved a Bitcoin ETF, Gensler himself said the post was false and that his “account was compromised.” A few hours later, the X-Safety account was updated after a preliminary investigation revealed that the account had not been compromised, but rather that it had been accessed by an unidentified individual who took control of a phone number associated with X-Safety. It has become clear,” he announced. [official SEC] Create an account through a third party. ”
According to Safety Accounts, the Bitcoin posts were simply the result of employees not using two-factor authentication to access their accounts.
“We can also confirm that two-factor authentication was not enabled on the account at the time the account was compromised,” the post reads. “We recommend that all users enable this additional layer of security.”
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In this photo illustration taken on January 9, 2024 in Brussels, Belgium, the United States Securities and Exchange Commission seal is displayed on a smartphone with Bitcoin displayed on the screen in the background. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images / Getty Images)
The Safety account then shared a link urging users to keep their accounts safe, recommending the following: Use two-factor authentication and strong passwords, and reset your password by email and email. Ask for a phone number and “Beware of suspicious links and always verify them” Before you enter your login information, you're on twitter.com. ”
The first post stated that the SEC had approved a Bitcoin ETF and was considering allowing financial exchanges to sell the ETF. The post caused the cryptocurrency's price to skyrocket from around $46,700 to nearly $48,000.
SEC Fooled, X Account Hacked, Bitcoin ETF Disapproved
The first post read, “Today, the SEC grants approval to list Bitcoin ETFs on all registered domestic securities exchanges.” “Approved Bitcoin ETFs will be subject to ongoing monitoring and compliance measures to ensure continued investor protection.”
U.S. Treasury Secretary Janet Yellen (left) looks on as U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler speaks at a meeting of the U.S. Treasury's Financial Stability Oversight Council on December 14, 2023. (Drew Angerer/Getty Images/Getty Images)
It has since been deactivated and replaced with more detailed information.
“The @SECGov
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The SEC initially told FOX Business that the SEC's @SECGov
Bitcoin is rallying ahead of a Jan. 10 deadline when the U.S. Securities and Exchange Commission could approve the first exchange-traded fund that tracks directly to the asset's spot price. (Milano Haros/Bloomberg via Getty Images/Getty Images)
An SEC spokesperson further stated, “The SEC has determined that there was unauthorized access and activity on the @SECGov x.com account by an unknown party during a short period of time shortly after 4:00 p.m. ET. The unauthorized access has ceased. ” he added. The SEC will work with law enforcement and partners across the government to investigate the matter and determine appropriate next steps regarding both the unauthorized access and related misconduct. ”
FOX Business' Charlie Gasparino and Eleanor Terrett contributed to this report.
