An X post from US SEC Chair Gary Gensler says that the @SECGov's “twitter account was compromised”, and that the agency has not approved spot bitcoin ETFs

The X account of the U.S. Securities and Exchange Commission, which is deciding whether to approve bitcoin ETFs, “was compromised,” the regulator told CoinDesk.

CoinDesk 2024-01-10

Discussion

@pkedrosky Paul Kedrosky on threads
That the SEC twitter account was hacked today to pre-announce a bitcoin ETF was so much scammer chess at once. People trying to make it safer to trade costly/dodgy crypto stuff to be traded in a less costly/dodgy way were themselves scammed. Ironies, man.
@garygensler Gary Gensler on x
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
@secgov @secgov on x
The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
@senatorhagerty Senator Bill Hagerty on x
Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened. This is unacceptable.
@senlummis Senator Cynthia Lummis on x
Fraudulent announcements, like the one that was made on the SEC's social media, can manipulate markets. We need transparency on what happened.
@cgasparino Charles Gasparino on x
BREAKING: Securities lawyers tell @FoxBusiness the @SECGov will have to investigate itself for market manipulation after moving the price of $BTC up and down following the hacked tweet that it had approved the first spot BTC ETF and then saying it was fake. That said, for the SE…
@prestonjbyrne Preston Byrne on x
The Hooey Test, the lesser-known cousin of the Howey Test, states that if a regulator's Twitter account gets hacked, that regulator cannot bring any enforcement actions for six months, except to enforce the Law of the Briny Deep
@gaborgurbacs Gabor Gurbacs on x
I am no cybersecurity expert, but it seems almost impossible to notice a bad tweet from org account, tweet from the chair's account to correct it, then recover a hacked social media account, then tweet about incident and response to it from hacked account, all in a few minutes...
@lopp Jameson Lopp on x
Gary never said the SEC's account was compromised by an external hacker. It could have been compromised by internal incompetence.
@rephuizenga Rep. Bill Huizenga on x
Chair @GaryGensler, Does this mean we can blame more of the @secgov's horrible rulemaking and so-called regulation by enforcement on a “compromised account”? #askingforafriend Sincerely, Chairman of the House Financial Services Oversight and Investigations Subcommittee [image]
@eric_bigfund Eric Weiss on x
@SECGov Was the account actually compromised or was a drafted tweet released prematurely by someone who had authorized access to the account? There is a material difference and you need to be transparent with the investing public.
@repannwagner Ann Wagner on x
Deeply concerned with this alleged hack of the SEC's Twitter account. This is clear market manipulation that impacted millions of investors. I plan to get more answers from Chair Gensler on this incident.
@stevenkelly49 Steven Kelly on x
Imagine hacking a major government agency's Twitter account only to say “Bitcoin ETF approved” So much wasted opportunity for hilarity. This is why people hate crypto
@denniskelleher Dennis Kelleher on x
If any1 still thinks that #Bitcoin #crypto markets were not full of speculators, predators, fraudsters & criminals, today's market manipulation w/ the fake @SECGov “approval” tweet should convince them; don't know facts yet, but $22 billion mkt move = lots of ill gotten gains
@0xmert_ Mert on x
ok so the guy in charge of creating and enforcing regulation on some of the most advanced tech on earth in cryptographic distributed systems doesn't know that he needs to enable 2FA for basic security as a government agency we either have brain damage or corruption here...
@ohaiom Jason Gottlieb on x
Today's events underline: when the SEC speaks about a particular token, the SEC can radically affect its market value. How many billions of dollars of value has the SEC destroyed by declaring, before any trial or settlement, that specific tokens violate federal law?
@leonidasnft Leonidas on x
Imagine thinking the SEC can protect us if they can't even stop a hacker eating Cheetos Puffs in his parent's basement from creating 14 billion dollars of value out of thin air.
@bitfinexed @bitfinexed on x
One has to wonder why the Coinbros would hijack the SECs Twitter account if the Bitcoin spot ETF approvals were in the bag. Because let's assume it was set for approval, would it make sense for them to continue to approve it when it's so obvious that the market is being...
@ntmoney Nick Tomaino on x
Under Gary Gensler's leadership, the SEC: - Missed biggest fraud since Madoff (FTX) 🫤 - Attacked good actors (Coinbase & Kraken) 😠 - Pushed many great entrepreneurs offshore 😢 - Botched the Bitcoin ETF approval announcement 😂 You really can't make this shit up.
@tomhschmidt Tom Schmidt on x
Top comment on the SEC BTC ETF tweet story on HN 😂😂😂😂 [image]
@jimstewartson @jimstewartson on x
This website is a crime scene.
@williamturton William Turton on x
Absolutely stunning. A nightmare scenario for the SEC. How exactly this tweet got posted will be extremely important
@alexeiarora Alexei Arora on x
Fucking LMAO [image]
@dancow Dan Nguyen on x
Since it's a government account I hope we (the taxpayers) are entitled to a technical report detailing which phishing scam the SEC's social media person fell for
@bushidotoken Will on x
Damn, even the SEC itself had its X account popped to push crypto, not a good look 🤦🏻‍♂️ Fake tweet below 👇 h/t @malwrhunterteam [image]
@greg16676935420 Greg on x
So you're telling me the SEC doesn't even have their Twitter account secured, but if I send $17 to my friend on Venmo I have 87,000 IRS agents watching me?
@twobitidiot Ryan Selkis on x
In all seriousness, this is the very best timeline. A bad faith regulator who was forced by the courts to approve a product he hates, was exposed for mismanagement and incompetence in the most public way the day before he has to bend the knee anyway. Career ender. Bye.
@racheltobac Rachel Tobac on x
The @SECGov account claims it was hacked. The compromised account's tweet impacted the cryptocurrency market. Like I said during the @Mandiant Twitter account takeover 5 days ago: there are many ways this attack could have happened including bribe or compromise of internal...
@chiweethedog Roy Drones Jr on x
America is the best third world nation
@hdevalence Henry on x
sounds like it would be really useful if there were a way for federal agencies to post authenticated statements on a tamper-resistant log, so that investors could have certainty about which statements were authorized
@tree_of_alpha @tree_of_alpha on x
SEC SAYS FALSE POST ON BITCOIN ETF WASN'T SENT BY ITS STAFF [image]
@taylorbuley @taylorbuley on x
the S is for schadenfreude
@dystopiabreaker @dystopiabreaker on x
if only there was some sort of set of technologies that could make forging messages like this physically impossible, along with some sort of ledger that could make censoring them economically impossible
@dystopiabreaker @dystopiabreaker on x
a yubikey is $30
@elonmusk Elon Musk on x
@dogeofficialceo LFGDogeToTheMoon!!
@udiwertheimer Udi Wertheimer on x
GENSLOOR ON THE BRINK OF SECOND APPROVAL FOR BITCOIN ETFS
@jespow Jesse Powell on x
You can't make this shit up.
@krakenfx @krakenfx on x
Dear SEC intern, it was a rough day today, dw, we gotchu. Let's try again tomorrow? [image]
@prestonjbyrne Preston Byrne on x
> Government fucks up > It's still crypto's fault
@coinbase @coinbase on x
We know...but we still ❤️ ETFs.
@bonecondor Chairman Birb Bernanke on x
The SEC's budget is higher than the revenue of Taco Bell. Does anybody feel like the SEC does more for ordinary people than every Taco Bell in America put together?
@lopp Jameson Lopp on x
ETF CANCELLED DUE TO MARKET MANIPULATION https://twitter.com/...
@johnedeaton1 John E Deaton on x
If the SEC is approving the spot ETFs tomorrow, this post equals terrible judgment.
@autismcapital @autismcapital on x
If it were a “hacker” they would have loaded up a levered short and posted an ETF rejection tweet. The SEC story doesn't add up.
@bgarlinghouse Brad Garlinghouse on x
Days like this remind me that 1/ the SEC should be investigating itself for multiple things 2/ crypto Twitter remains undefeated in memes.
@danprimack Dan Primack on x
RIP Bitcoin ETFs (1/9/24-1/9/24)
@jbsdc Justin Slaughter on x
This is your periodic reminder that information security practices inside non-national security agencies aren't great, hacks are very common, and we really should have a whole of government effort at improving government information security.
@jseyff James Seyffart on x
Should have listened to the SEC about the SEC
@beeple @beeple on x
GARY'S BUSY AFTERNOON [image]
@tyler Tyler Winklevoss on x
Today, the @SECGov continued its quest to harm US investors. Time for the SEC to hold the SEC accountable!
@herminewong_xyz Hermine Wong on x
Two obvious ways to know that the SEC tweet was a hack and not a premature draft tweet: 1. SEC would have never used the bitcoin hashtag and bitcoin logo 2. The Gensler attribution was incorrectly formatted. Compare to an example of an official tweet. [image]
@theflowhorse @theflowhorse on x
Tinfoil hat time. The SEC twitter account wasn't hacked. It is a false flag type of event in order for them to justify how easily the market is manipulated, and ultimately deny the ETF. [image]
@packym Packy McCormick on x
Roughly 2x as much market cap was destroyed by the SEC's tweet as was lost in the FTX blowup. [image]
@mcshane_writes McShane on x
y'all aren't ready for this conversation [image]
@ryansadams Ryan Sξan Adams on x
The SEC says their account was compromised, but the original tweet looks suspiciously similar to something they'd publish. And if compromised, they certainly got their account back in a hurry. Maybe what actually happened is an intern hit send 24 hours too early. [image]
@darky999 Dr. Chris Dark on x
The word @GaryGensler and the SEC are using is “compromised”, that isn't the same as “hacked” - they VERY CAREFULLY chose words here imho And the fact they got their account back in minutes suggests it wasn't hacked No one gets it back that fast from twitter-hacked-hell 😂 My...
@davidsacks David Sacks on x
Whut
@stevenkelly49 Steven Kelly on x
Shout-out to everyone who sold right here and is about to have their life turned upside down by the FBI (one of you did it): [image]
@robinwigg Robin Wigglesworth on x
Hacking the SEC's Twitter account is definitely a sign of how much crypto has matured into a serious “asset class” that ordinary investors should have easy access to.
@safety @safety on x
We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X's systems, but rather due to an unidentified individual obtaining control over a phone number...
@eleanorterrett Eleanor Terrett on x
All these @SECGov and @GaryGensler advice tweets are aging horribly today. [image]
@walkeramerica Walker on x
@Safety @SECGov The people in charge of “protecting investors” and “regulating” #Bitcoin can't even protect their own X account with basic 2FA... What a joke.
@lay2000lbs Leighton on x
“you need to make the password longer” [image]
@blknoiz06 @blknoiz06 on x
THE UNITED STATES GOVERNMENT GOT SIM SWAPPED LMAOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOO
@jseyff James Seyffart on x
There's our answer. There was indeed a compromisoor
@mdudas Mike Dudas on x
the goddamn @secgov didn't have 2fa enabled on its x account, you literally can't make this stuff up, clown car goat rodeo of an organization, clean house
@racheltobac Rachel Tobac on x
@SECGov A vulnerability on Twitter is that many high profile accounts must add a phone number to become “verified” (even if they choose to hide their checkmark). Then, if you don't go and remove your phone number after the verification process, you're at risk for SIM swap account…
@racheltobac Rachel Tobac on x
@Chris_Yeung98 1. Enable MFA that matches your threat model: app based or FIDO solution 2. Don't tie phone number to Twitter account to prevent SIM swap risk (if you must temporarily add phone number for verification, remove it as soon as possible) 3. If you use a 3rd party socia…
@zachxbt @zachxbt on x
@Safety @SECGov Hi @GaryGensler this is a reminder to secure your financial accounts as well as protect against identity theft and fraud. Remember to: 🔒Use strong passphrases or passwords 🔒Set up multifactor authentication 🔒Keep account alerts turned on #CybersecurityAwarenessMon…
@zerohedge @zerohedge on x
The world's biggest securities regulator does not use 2FA
@adamscochran Adam Cochran on x
First off, what the ever loving fuck? A government regulator who wants to control technical standards for financial markets can't use 2FA? Second, hey Twitter, stop letting people reset passwords by phone number without secondary verification. 🤷‍♂️
@jamiejbartlett Jamie Bartlett on x
No 2FA on the SEC's Twitter account??!! Oh the irony. The reason people created bitcoin in the first place was because they didn't trust the security & integrity of large government bodies

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An X post from US SEC Chair Gary Gensler says that the @SECGov's “twitter account was compromised”, and that the agency has not approved spot bitcoin ETFs

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