JAKARTA - Official social media accounts of the US Securities and Exchange Commission (SEC) were victims of hacking on Tuesday, January 9, 2024. Hackers spread false information about bitcoin-based exchange-traded fund (ETF) product approvals.
This false information caused a stir in the crypto market, which is awaiting the SEC's decision regarding a bitcoin spot ETF filing from several companies. The SEC and the FBI are currently investigating this incident, which also received scrutiny from US lawmakers.
The false information appeared on the SEC's social media accounts at around 16.00 p.m. US eastern time, and immediately spread widely among the followers of the account. The false information claims that the SEC has approved several bitcoin spot ETFs to be listed on the US stock exchange. In fact, the SEC has not issued an official decision regarding this matter, and is expected to do so on the same day or a few days later.
SEC chairman Gary Gensler immediately responded to the false information through his personal account, and confirmed that there was no approval of the SEC's bitcoin spot ETF. He also appealed to the public not to believe in information that did not come from the SEC's official sources, namely the SEC website and the Federal Register.
SEC spokesman John Nester confirmed that the SEC's social media accounts had been hacked, and that the SEC was working with law enforcement, including the SEC's Inspector General's Office and the Federal Bureau of Investigation (FBI), to investigate this incident. He also guaranteed that the SEC would provide appropriate updates on the progress of investigations and official actions related to the spot's bitcoin ETF.
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US Parliament Reaction
The hacking of the SEC's social media accounts raises concerns among US lawmakers, who question the digital security measures taken by the SEC. They also urged the SEC to conduct a thorough investigation into this incident, and provide a transparent explanation to the public.
One of those who criticized the SEC was Vice French Hill, who called the incident a "significant technological quantity" in Washington, and as a "low point" for the SEC. He, along with the Chairman of the House Financial Services Committee, Patrick McHenry, and other members, plans to send a letter to Gensler, who demands an explanation and responsibility of the SEC regarding this hack.
Senator Cynthia Lummis also criticized the SEC, and highlighted the potential negative impact of the false information on the crypto market. He urged Gensler to provide clarification and assurances to crypto investors, and to accelerate the process of approval of the bitcoin spot ETF, which is considered an important step towards increasing legitimacy and oversight of the crypto industry.
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