SEC Confirms X Account Hacked

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The Facts

  • The US Securities and Exchange Commission (SEC) on Tuesday confirmed that an "unauthorized" post on X, formerly known as Twitter, falsely claiming the approval of spot bitcoin exchange-traded funds (ETF) was the consequence of its account being "compromised."

  • The since-deleted post falsely announced that the SEC would allow Bitcoin ETFs "on all registered national securities exchanges" while misquoting SEC Chair Gary Gentler as having stated the approval "enhances market transparency" and provides "efficient access to digital asset investments within a regulated framework."

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The Spin

Pro-establishment narrative

This incident is unlikely to instill confidence in X’s security. Elon Musk downsized the platform’s security team when he purchased X, and bad actors have found ways to make a negative impact by exploiting security weaknesses. The future of X is in doubt.

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Establishment-critical narrative

The SEC is at fault here for bizarrely failing to have two-factor authentication on X. This is an unforgivable mistake by the regulatory body that people are supposed to be able to trust to keep the US market safe. This public embarrassment is reason to question whether the SEC is competent.

proactiveinvestor.co.uk

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