An ETF would provide a way to invest in bitcoin without having to buy the cryptocurrency outright on a crypto exchange such as Binance or Coinbase.
The price of bitcoin swung from about $46,730 to just below $48,000 after the unauthorized post hit, and then dropped to around $45,200 after the SEC's denial.
It was trading around $46,150 at 6:15 p.m. ET. It was unclear how the SEC's social media account was hacked.
Shortly after Gensler's statement, it appeared that the SEC had gotten control over the account.
Politicians, particularly Republicans who have long expressed frustration at how Gensler operates the SEC, quickly expressed anger at the SEC's lax security controls over its accounts.
This is not the first time there has been false market-moving information about the future of bitcoin on regulated exchanges.
A false report back in October implied that fund manager BlackRock had gotten approval for bitcoin ETF, causing bitcoin prices to jump sharply.
Elon Musk gutted Twitter's content moderation and security teams after taking over the platform in late 2022.
While internet watchdog groups have complained about a spike in toxic content, including antisemitic and other hate speech on X, many also worry about account integrity.
A spokesman for X did not immediately respond to a request for comment.
This Cyber News was published on www.securityweek.com. Publication date: Wed, 10 Jan 2024 03:43:04 +0000