SEC Chairman Speaks Bitcoin Community Was Waiting for an Explanation

SEC Chairman Speaks Bitcoin Community Was Waiting for an Explanation

The Bitcoin and cryptocurrency world was recently thrilled by the hacking of the SEC’s X account and the unsubstantiated announcement of Bitcoin ETF approval. SEC Chairman Gary Gensler was expected to make a statement on the issue. Gensler made this statement and gave information about what happened on the subject.

SEC Chairman Gary Gensler unexpectedly announced that an unauthorized party gained access to the official X account @SECGov on Wednesday, January 10, 2024. The unauthorized party took control of the phone number and posted a post falsely announcing that the Commission had approved spot bitcoin exchange-traded funds.

The next post, made at 00:08, contained only the word “BTC”. While the second post was deleted, the first announcement remained. The SEC assured that, as of now, there is no indication that an unauthorized party has accessed SEC systems, data, devices or other social media accounts.

The SEC’s Office of Public Affairs acted quickly after realizing the danger. Within 20 minutes of the post, a post from the official X account @garygensler alerted the public to the threat. The unauthorized post was clarified and it was emphasized that the Commission does not endorse products traded on the spot bitcoin exchange.

The official X account, @SECGov, officially confirmed that the account had been compromised. In addition, the SEC requested’s assistance to terminate the unauthorized access. Available information shows that the unauthorized access was terminated approximately 4 hours later.

Recognizing the seriousness of the incident, the SEC underscored its commitment to its cybersecurity obligations. As agency staff continue to assess the impact of the incident on the SEC, investors and the market, particular attention is being paid to concerns regarding the security of the SEC’s social media accounts. Ongoing assessments will determine whether additional remedial measures are necessary.

In response to the hack, SEC staff is actively coordinating with relevant law enforcement and federal oversight agencies, including the SEC’s Office of Inspector General, the Federal Bureau of Investigation, and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. These joint efforts are aimed at ensuring a thorough investigation of the hack. The SEC said it will provide updates on the incident as appropriate.

Mert Doğukan is an experienced C-level executive, CISO, specialized in information security and risk management. With strong leadership qualities and strategic vision, he plays a crucial role in protecting and ensuring the security of the company's information assets. He demonstrates top-level performance in developing, implementing, and auditing corporate-level information security strategies. Additionally, he closely monitors technological advancements to continuously update and enhance the company's cybersecurity infrastructure.

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