A Hacker Takes Over SEC X Account and Spreads False News about Bitcoin ETF Approval
A hacker managed to gain control of the U.S. Securities and Exchange Commission’s (SEC) official X account and made a fraudulent announcement claiming that the SEC had approved all spot Bitcoin exchange-traded fund (ETF) applications. This news caused a temporary frenzy in the crypto world, with Bitcoin’s price briefly surging above $47,600.
The hacker’s post on the SEC’s X account stated that the regulatory body had granted approval for Bitcoin ETF listings on all registered national securities exchanges and included a fake quote from SEC chair Gary Gensler.
However, Gensler quickly responded on X, stating that the post was unauthorized and the work of a hacker. He clarified that the SEC has not approved any spot Bitcoin ETF products.
The official SEC Twitter account deleted the hacked post and confirmed Gensler’s statements.
Bitcoin Price Drops Following the Incident
After the false news was debunked, Bitcoin’s price dropped to $45,467 at the time of writing.
Potential Approval of Spot Bitcoin ETFs
Although the SEC has previously denied all spot BTC ETF applications, there is speculation that this could change soon. Several financial giants have submitted active spot BTC ETF applications, and industry analysts anticipate that some or all of them could be approved in the near future.
BlackRock, the world’s largest asset manager, expects its BTC ETF application to be greenlit by the SEC on January 10th.
Hot Take: Hacker Attack Exposes Vulnerability in Regulatory Communication
The recent incident involving a hacker taking over the SEC’s official X account highlights the vulnerability of regulatory communication channels in the digital age. The false announcement about Bitcoin ETF approval caused a temporary surge in Bitcoin’s price, demonstrating the influence of regulatory decisions on the crypto market. As the SEC continues to evaluate spot BTC ETF applications, it is crucial for regulators to ensure the security of their communication channels to prevent misinformation and market manipulation.
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