The SEC Denies False Bitcoin ETF Approval
The U.S. Securities and Exchange Commission (SEC) quickly dismissed rumors of approving a Bitcoin ETF, causing a brief period of volatility in the cryptocurrency market. However, Bitcoin’s price remained stable within a $1,000 range. The SEC Chair’s clarification on Twitter wiped out the short-lived gains, and Bitcoin fluctuated between $46,700 and $47,800 during this episode.
Bitcoin’s Performance Before the Incident
Prior to this incident, Bitcoin had shown strong performance by surpassing the $47,000 mark. Although it experienced a modest retreat, its value stood at $45,900 at the time of reporting.
SEC ‘Should Investigate Itself’
The identity of the hacker responsible for the false post on the SEC’s official account remains unknown. While the SEC is expected to investigate the breach, memes mocking the situation circulated widely within the crypto community.
Turns out the SEC was behind all the market manipulation after all. pic.twitter.com/ey1SmseOAz
— _Checkɱate
(@_Checkmatey_) January 9, 2024
Ripple CEO Brad Garlinghouse criticized the SEC and praised the crypto community for their memes. The recovery of the SEC’s Twitter account led some to speculate about an inside job rather than a hack. Caitlin Long, founder and CEO of Avanti Financial Group, posed a hypothetical scenario involving Elon Musk potentially having evidence of the post’s origin.
Whistleblower Edward Snowden also commented on the incident, highlighting the cybersecurity concerns within regulatory institutions.
Hot Take: The Importance of Cybersecurity in Regulatory Institutions
This incident serves as a reminder of the serious cybersecurity concerns within regulatory institutions. It is crucial for these organizations to prioritize and strengthen their cybersecurity measures to prevent such incidents from happening in the future.
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