Insights from Gary Gensler: Uncovering the Truth Behind the SEC’s X Account Hack
SEC Chairman Gary Gensler has addressed the recent unauthorized access to the SEC’s official Twitter account, ‘@SECGov’, in a press release. Gensler reassured the public that there is no evidence to suggest that the breach extended to the SEC’s systems or data.
Gensler emphasized that the current assessment shows no indication that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts. The SEC takes this incident seriously and acknowledges concerns regarding the security of its social media accounts.
To address the breach, the SEC staff is working closely with law enforcement agencies, such as the SEC’s Office of Inspector General, the Federal Bureau of Investigation, and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. The SEC is committed to providing updates on the incident as necessary.
Upon discovering the breach, the SEC staff promptly informed the public about the compromise through the Office of Public Affairs. They also sought assistance from Twitter to terminate the unauthorized access. The unauthorized post was deleted, and a new post confirmed the breach of the account’s security. The SEC believes that access was terminated between 4:40 pm ET and 5:30 pm ET on the same day.
As a response to the breach, members of the U.S. Congress, including Senators Ron Wyden and Cynthia Lummis, have urged the SEC Inspector General to investigate the commission’s cybersecurity practices.
The incident occurred on January 9, 2024, just before the approval of Bitcoin spot ETFs. An unauthorized party gained control of the SEC’s official Twitter account and falsely announced the approval of spot Bitcoin ETFs. Despite the attempt to manipulate information, the SEC staff acted swiftly by deleting the unauthorized post and notifying the public.
Since the incident, the SEC’s credibility has been questioned, with accusations of market manipulation and demands for transparency.