After the SEC’s X account was hacked to notify the public of an early approval of a spot bitcoin ETF, officials from Coinbase publicly volunteered to assist the agency in resolving the security issues with its other social media accounts.
After the X account of the Securities and Exchange Commission was hacked on Tuesday to publish a phony bitcoin ETF clearance statement, executives of Coinbase, a cryptocurrency exchange, have offered their assistance to the agency.
“This is a serious offer: our experience as a crypto exchange has given us a lot of knowledge about social media security protocols. I love helping my country, and I am a veteran,” said Philip Martin, chief security officer of Coinbase, on X.
Following his earlier statement that he was holding his mouth in response to the false post, Coinbase’s Chief Legal Officer, Paul Grewal, took it a notch further. All of us at Coinbase are here to lend a hand. Markets that are fair, orderly, and efficient benefit all Americans, and we will do all we can to make that happen,” he said.
Despite the SEC’s lawsuit against Coinbase, which claims it is operating an unregistered exchange and violates securities laws, the company has extended an offer to settle.
The SEC’s Twitter account announced on Tuesday that the SEC has approved the listing of bitcoin ETFs on all regulated securities exchanges by sharing an image with a comment from SEC Chair Gary Gensler. It was quickly removed, with subsequent postings claiming that it was unapproved and that spot bitcoin ETFs were not yet available.
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