X Confirms SEC Account Compromise, Not Due to Breach of X’s Systems

According to a recent statement from social media company X, the U.S. Securities and Exchange Commission’s (SEC) Twitter account was compromised, leading to a false post about the approval of bitcoin ETFs for trading. X confirmed that the compromise was not due to a breach of their systems, but rather an unidentified individual gained control over a phone number associated with the SEC’s account through a third party.

The false post caused a surge in bitcoin prices, but soon fell below $46,000 after the SEC clarified that it had not yet approved the bitcoin ETF. The SEC is expected to make a decision on the bitcoin ETF this week.

The SEC has been actively enforcing regulations in the crypto space, taking legal action against exchanges such as Coinbase and Ripple for selling unregistered securities.

X did not mention in their statement if the SEC’s account had two-factor authentication enabled at the time of the compromise.

The market anticipates the SEC to approve the bitcoin ETF, and the regulator is expected to make a decision this week after years of opposition.

This is a developing story and more information will be provided as it becomes available.

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