X, previously known as Twitter, concluded after an initial inquiry that the breach of the SEC's Twitter handle was not because of any vulnerabilities in its system. It was caused by an external party obtained access to the phone number linked to the SEC's account. A false tweet was posted from the hacked SEC account claiming the SEC had approved bitcoin ETFs for trading, which drove bitcoin prices up briefly. The SEC clarified it had not approved any bitcoin ETFs and that the unauthorized tweet was not posted by the SEC or its staff.