Unknown Hackers Post Fake Bitcoin ETF Approval Message on SEC Account
Recently, unknown hackers took control of the United States Securities and Exchange Commission (SEC) Twitter account and posted a false announcement about the approval of spot Bitcoin ETFs. However, SEC Chair Gary Gensler quickly debunked the news and clarified that no spot Bitcoin ETF had been approved yet. He confirmed that the SEC’s official account had been compromised.
The SEC twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
Hackers Mislead Crypto Community with Fake ETF Announcements
This incident is not the first time hackers have spread misleading information to manipulate the cryptocurrency market. In December, a fake XRP ETF filing was registered under BlackRock’s name in Delaware, causing XRP’s price to surge by 12% within half an hour. These incidents demonstrate how vulnerable the crypto market can be to false information and manipulation.
Fake Bitcoin ETF News Triggers Price Decline
The fake news about the approval of a Bitcoin ETF quickly spread across social media platforms, attracting millions of views. As a result, the price of Bitcoin experienced a 3% decline. This incident highlights the importance of verifying information and being cautious when reacting to news in the crypto market.
Hot Take: False ETF Announcements Undermine Trust in Crypto Market
The recent incident of hackers posting a fake spot Bitcoin ETF approval message on the SEC account raises concerns about the vulnerability of the crypto market to manipulation and misinformation. Such incidents not only mislead investors but also trigger price volatility, causing financial losses for those who react impulsively. It is crucial for crypto enthusiasts to exercise caution and skepticism when encountering news or announcements related to cryptocurrency products. Verifying information from reliable sources and staying informed about regulatory developments can help maintain trust and stability in the crypto market.
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