SEC Chair Gensler Addresses X Account Hack

You may recall that recently the SEC has been confronted with a hack on their X account. Check out more details about what the SEC chair, Gensler, has to say about the matter.

The Securities and Exchange Commission addressed the recent hijacking of its X account, through which an unknown agent posted a false spot Bitcoin ETF approval announcement.

In a statement attributed to SEC Chair Gary Gensler, the agency claims “an unauthorized party gained access to the @SECGov X.com account by obtaining control over the phone number associated with the account.”

This language is similar to SIM-swapping attacks, a common type of account hijacking that can be prevented with multi-factor authentication. Gensler had previously recommended multi-factor authentication in his own post.

In the statement, Gensler writes, “Commission staff are still assessing the impacts of this incident on the agency, investors, and the marketplace but recognize that those impacts include concerns about the security of the SEC’s social media accounts.”

The CEO of Coinbase, Brian Armstrong, has shared his thoughts on the impact of the recently approved spot market Bitcoin (BTC) exchange-traded funds.

In a recent interview with CNBC Squawk Box, Armstrong stated that the spot BTC ETFs are likely to attract new sources of capital into the crypto market.

“This is a monumental step for the crypto industry and for Coinbase too. And the reason is that there’s 52 million Americans who have been using crypto over the past decade. And I think they’ve been hungry for some kind of acknowledgment from the government and the SEC (U.S. Securities and Exchange Commission) in particular that this asset class is here to stay. And they finally got that. It took a long time.”

Check out our previous article in order to leam more details.