The SEC’s X account was hijacked to post a fake approval of Bitcoin ETFs

The SEC’s X account was hijacked to post a fake approval of Bitcoin ETFs

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The Securities and Exchange Commission’s official social media account on X (formerly Twitter) posted a notice on Tuesday evening claiming it has approved Bitcoin exchange-traded funds, or ETFs, which has since been deleted. Moments later, SEC Chair Gary Gensler said the agency’s account was “compromised, and an unauthorized tweet was posted” in a post on his own account, adding that the SEC hasn’t approved the trading of Bitcoin ETFs.

The post from the SEC’s account said, “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.” The post included an image of Gensler next to the quote, and it has since been deleted.

Screenshot by Emma Roth / The Verge

Exchange-traded funds, or ETFs, are bundles of assets that work sort of like mutual funds, with shares of the ETFs trading on exchanges as stocks do. A Bitcoin ETF would make it easier for investors to speculate on the price of Bitcoin without having to hold Bitcoin directly. That also lets them avoid setting up their own cryptocurrency wallets and so on. The SEC has previously rejected all attempts at a Bitcoin ETF.

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