The hacker used @SECGov to fraudulently claim that the federal regulator had cleared Bitcoin ETFs (Exchange-Traded funds) for all national securities exchanges. This sent the price of Bitcoin soaring on Tuesday. But the value abruptly plummeted after SEC Chair Gary Gensler warned the public that the @SECGov account had been compromised.
Why did the SEC hack a bitcoin account?
Tuesday’s hijacking of the SEC’s account shows that SIM-swapping attacks are more than just PR headaches. The hacker used @SECGov to fraudulently claim that the federal regulator had cleared Bitcoin ETFs (Exchange-Traded funds) for all national securities exchanges. This sent the price of Bitcoin soaring on Tuesday.
What is the SEC hack?
An S.E.C. spokeswoman confirmed the hack in an emailed statement. The security breach was the latest twist in the crypto industry’s yearslong pursuit of an investment vehicle known as an exchange traded fund tied to the price of Bitcoin.
