Coinbase, one of the largest crypto exchanges in the world, has offered to help the American Securities and Exchange Commission (SEC) in the wake of a cybersecurity hack. The SEC recently suffered a hack on the social media platform X (formerly Twitter), which had significant consequences for the approval of the Bitcoin ETF.
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On January 9th, the SEC suffered a hacker attack on the X account. Then a post was created that showed that the long-awaited Bitcoin Exchange-traded fund (ETF) was approved. The news quickly turned out to be fake: SEC Chairman Gary Gensler reported in a statement X contribution that it was a hack. The news caused the price of Bitcoin to briefly rise, followed by a decline of almost 7 percent.
On January 10, the SEC itself issued a notice. It's the lack of 2FA security on the X account. “According to our investigation, the compromise was not due to a breach of the systems of the government agency wrote on X.
Now reports from crypto exchange Coinbase indicate that it has offered the SEC extensive assistance in investigating the cyberattack and identifying the perpetrators. Chief of Security Philip Martin believes he can help the SEC:
“As a crypto exchange, we have a lot of experience with security protocols around social media, and as a veteran and patriot, I am happy to help my country,” he said in an X post.
Paul Grewal, Chief Legal Officer at Coinbase added: “The entire Coinbase team offers their support. We are committed to doing our part to ensure fair, orderly and efficient markets for all Americans.
Introducing the Bitcoin ETF
Last night, the SEC approved a number of Bitcoin ETFs. Eleven funds were launched on the American stock exchange today. After just half an hour, a combined trading volume of an impressive $1.2 billion was reached.
The launch is also accompanied by an extremely volatile Bitcoin price. Over the course of the morning and afternoon, Bitcoin rose from around $45,700 to an all-time high of around $49,000, but after a sharp decline the price has now returned to $46,000.
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