\n<\/p>\n
INDIA – 2021\/10\/16: In this Photo illustration a Bitcoin logo seen displayed on a smartphone with an ETF(exchange traded fund) logo in the background. (Photo Illustration by Avishek Das\/SOPA Images\/LightRocket via Getty Images)<\/p>\n
Sopa Images | Lightrocket | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Social media X said late Tuesday it has completed a preliminary probe into the compromised account of the U.S. Securities and Exchange Commission that displayed a false post claiming the SEC had approved bitcoin ETFs for trading.<\/p>\n
“Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the\u00a0@SECGov<\/a> account through a third party,” said X in the post<\/a>, confirming that the SEC’s account was compromised.<\/p>\n “We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised,” said X in the post.<\/p>\n Bitcoin prices shot up following the unauthorized post, but soon\u00a0fell<\/a>\u00a0below $46,000 after the SEC clarified that it had not yet approved the bitcoin ETF<\/a>. It was trading at nearly $45,958 at about 12:20 a.m. ET. <\/p>\n “The SEC’s @SECGov X\/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff,” an SEC spokesperson told CNBC on Tuesday afternoon.<\/p>\n The false social media post said the regulator had approved bitcoin ETFs for trading, which was denied by SEC Chair\u00a0Gary Gensler.<\/p>\n The market expects the regulator to greenlight the bitcoin ETF. The SEC is\u00a0expected<\/a>\u00a0to make a decision on it this week after opposing the idea for years.<\/p>\n Gensler has gone after crypto<\/a> during his tenure, with the SEC taking legal action against exchanges such as Coinbase<\/a>