The US Securities and Exchange Commission (SEC) raised renewed concerns about the security and validity of information on Elon Musk’s X (formerly Twitter). This comes after the financial watchdog claims its account on the social platform was jeopardised as an inaccurate post hit the media waves stating the regulator approved spot-Bitcoin exchange-traded funds (ETFs).
X security issues in the spotlight after SEC hack
Reportedly, this breach ranks high, especially since financial markets are holding a collective breath in anticipation of this virtual currency ETF approval.
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The Bitcoin price jumped by more than 2.5% as the post in question zipped its way through the internet highways. Gary Gensler, the SEC Chair, quickly picked up on it and posted a negation. It read:
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.
Bloomberg reported a SEC spokesperson confirmed that an unauthorised individual accessed and used the regulator’s X account for a fleeting moment. The media agent quoted Joe Benarroch, X’s head of business operations, who stated:
The account is secure and we are investigating the root cause.
Unfortunately, this top-shelf security breach does not spell good news for the efforts of X or its owner to regain the confidence of users and advertisers. Comments from the former security chief at Meta Platforms Inc. (META), Alex Stamos, did not do X any favours. He said:
This has to be the most sophisticated use of a stolen Twitter account ever. At a minimum, this indicates that the hollowed-out X team can’t keep up with advances in account takeover techniques.
Musk did not address the breach directly but responded to another X user’s post which asked in jest what the SEC password was. Musk wrote:
LFGDogeToTheMoon.
