Unknown Party Hacks SEC’s Social Media Account to Promote Bitcoin
The Securities and Exchange Commission announced on Tuesday that its official account on the social media platform X was hacked by an “unknown party.” The hacker used the compromised account to promote bitcoin, claiming that the agency had approved the listing of bitcoin exchange-traded funds on national exchanges.
The fraudulent post quickly gained traction, attracting millions of views before the SEC regained control of the account and confirmed that the statement was false. SEC chair Gary Gensler later took to the platform to clarify that the agency had not approved the listing and trading of spot bitcoin exchange-traded products.
The SEC’s spokesperson, Stephanie Allen, stated that the agency would work with law enforcement and government partners to investigate the unauthorized access and any related misconduct.
This incident is particularly alarming because the compromised account was verified with a silver checkmark, signifying its status as a prominent and important government account. While it is unclear whether such verified accounts include special security arrangements, the hack raises questions about the platform’s security measures.
Following this high-profile hack, concerns have been raised about the vulnerability of verified accounts, which are typically assumed to have robust security measures in place. Security experts believe that the recent string of hijacks could point to a broad vulnerability or a new hacking technique targeting verified accounts on social media platforms.
This development comes in the wake of similar hijacks targeting smaller government accounts and verified private organizations on social media platforms. The increasing frequency of these incidents suggests that urgent action is needed to bolster the security of verified accounts across various platforms. X, the social media platform in question, has yet to respond to inquiries about the security breach.
The false post also briefly drove up bitcoin prices, underscoring the potential financial impact of such hacks. This incident serves as a stark reminder of the far-reaching consequences of social media account breaches and highlights the need for enhanced security protocols to safeguard official and verified accounts on social media platforms.