FBI is investigating the SEC hack after its fake bitcoin post

FBI is investigating the SEC hack after its fake bitcoin post

Jan 10,2024
New York CNN  — 

The Securities and Exchange Commission said Wednesday the FBI is investigating the hack of the agency’s social media account that rocked the bitcoin world earlier this week.

“The SEC continues to investigate the matter and is coordinating with appropriate law enforcement entities, including the SEC’s Office of the Inspector General and the FBI,” an SEC spokesperson said in a statement.

The SEC said that the “unauthorized content” on the agency’s verified account on X (formerly known as Twitter) was “not drafted or created by the SEC.”

Bitcoin prices briefly jumped on Tuesday after the SEC’s account on X posted a message saying the regulator approved multiple bitcoin ETFs.

SEC approval has been highly anticipated by crypto investors as it would help bring bitcoin further into the mainstream and make it easier for people to buy. One crypto exchange, Coinbase, even posted a celebratory message on social media Tuesday.

However, 15 minutes later SEC Chairman Gary Gensler said the agency’s account was “compromised,” allowing for an “unauthorized” tweet to get posted.

“I’m concerned that unauthorized access to SEC accounts could undermine our markets and the agency’s mission,” Sen. Sherrod Brown, chairman of the Senate Banking Committee, said in a statement on Wednesday.

Brown said he expects the SEC to keep the committee updated and encouraged the Office of the SEC Inspector General to look into the incident as well.

Republican Sens. JD Vance and Thom Tillis slammed the SEC in a letter to Gensler on Wednesday night.

“It is unacceptable that the agency entrusted with regulating the epicenter of the world’s capital markets would make such a colossal error,” they wrote.

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