Regulatory Agency's Social Media Account Hacked to Promote Cryptocurrency

There was a breach in the official social media account of the Securities and Exchange Commission (SEC) on the platform X, where an unauthorized party made a misleading post promoting bitcoin exchange-traded funds. The false information about the approval of bitcoin ETFs led to a surge in bitcoin prices before the SEC regained control of the account and clarified the misinformation. SEC Chair Gary Gensler stated that the agency's account was compromised, and they are collaborating with law enforcement to investigate the breach. The fraudulent post raised concerns about the security measures in place for verified government accounts on the platform. Additionally, it was revealed that the hacked SEC account did not have two-factor authentication at the time of the breach, and the associated phone number might have been compromised. This highlights the vulnerability of phone-based authentication methods and the potential for unauthorized access to sensitive accounts. The incident follows similar breaches in other government and verified organizational accounts on the platform, indicating a potential widespread security vulnerability or a new hacking technique. X, the social media platform in question, did not provide a response regarding the breaches. Overall, the unauthorized promotion of cryptocurrencies through hacked official accounts underscores the growing threat of cyber attacks and the need for enhanced security measures to protect against such incidents.