Safety

In an unexpected turn of events, U.S. lawyers and senators and the crypto community have raised alarm bells, urging Congress to launch an immediate probe into the U.S. Securities and Exchange Commission (SEC) following a reported breach of its official X account. 
In fact, the<a href="https://www.unlock-bc.com/115657/the-bitcoin-etf-saga-secs-x-mishap-raises-eyebrows/" class="ek-link"> compromised account disseminated false news</a> regarding the approval of spot Bitcoin exchange-traded funds (ETFs), causing significant market turbulence. 
Bitcoin advocate Layah Heilpern decried the incident as blatant market manipulation, underscoring that the false post persisted for 20 minutes, amassing over 4.4 million views before removal. 
U.S. Senator Bill Hagerty minced no words, condemning the incident as utterly unacceptable, insisting that Congress demand answers regarding the accountability expected from public corporations in similar scenarios. Moreover, Senator Cynthia Lummis joined the chorus, urging the SEC to shed light on the sequence of events leading to the dissemination of the erroneous post. 
Market experts, such as Bloomberg ETF analyst James Seyffart, predicted a severe fallout within the SEC, suggesting that Chair Gary Gensler would seek accountability from the responsible staff member. 
Subsequent investigations conducted by X Safety, an account managed by X, confirmed the SEC’s Twitter account had been compromised through unauthorized access to a linked phone number via a third party. It was disclosed that the account lacked two-factor authentication at the time of the breach. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized">
 <img decoding="async" width="1024" height="569" src="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/01/sec-1024x569.jpeg" alt="" class="wp-image-115664" style="aspect-ratio:1.7996485061511422;width: 100%;height:auto" srcset="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/01/sec-1024x569.jpeg 1024w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/01/sec-300x167.jpeg 300w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/01/sec-768x427.jpeg 768w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/01/sec.jpeg 1188w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
On another note, the SEC has announced its commitment to collaborate with law enforcement in investigating the hack that resulted in the dissemination of a false approval post for a Bitcoin ETF. 
The recent breach of the SEC’s Twitter account raises significant concerns about its ability to safeguard the investments and assets of countless individuals. If an institution tasked with overseeing financial markets struggles to secure something as fundamental as its social media presence, doubts inevitably arise regarding its capacity to protect investors and their valuable assets. 
This incident stands as a stark testament to the SEC’s vulnerabilities, leaving lingering doubts about its efficacy in upholding investor confidence and market integrity. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/115662/sec-x-breach-raises-concerns-about-investor-safety-as-crypto-community-rages/">SEC X Breach Raises Concerns About Investor Safety as Crypto Community Rages</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

SEC X Breach Raises Concerns About Investor Safety as Crypto Community Rages

UNLOCK_ENG

Other articles published on Jan 10, 2024

Why is ‘Dead’ HEX Coin Pumping in Price?

Congressional inquiry! Senators grill SEC on Bitcoin ETF tweet hack

World Bank sounds alarm on global economic growth

Cboe tomorrow goes live with Bitcoin and Ether margin futures

SEC Chairman Announces Approval for Bitcoin ETFs

Here’s Why the Ethereum Price is Up Despite Bitcoin Falling

Join our free newsletter for daily crypto updates!