The SEC’s Twitter Account Compromised
The Securities and Exchange Commission’s X account was hacked, leading to the posting of a false announcement regarding the approval of a spot bitcoin ETF. SEC Chair Gary Gensler confirmed that the tweet was unauthorized and emphasized that the SEC has not approved the listing and trading of such products.
Fake Approval Tweeted
The compromised account falsely claimed that the SEC had granted approval for listing bitcoin ETFs on all registered securities exchanges. This announcement was accompanied by an image featuring a quote from Gensler. However, the SEC spokesperson clarified that this tweet did not come from the SEC or its staff.
Expected Approval Despite Fake News
Despite the fake news, there is widespread anticipation that spot bitcoin ETFs will be approved on Wednesday, with trading set to commence the following day.
Price Impact on Bitcoin
Upon the release of the false announcement, the price of bitcoin surged to $47,600 before dropping to around $45,500 once it was revealed to be fake.
About the Author
Tim is the Editor-In-Chief of The Block. He previously served as a news editor at Decrypt and holds a bachelor’s degree in philosophy from the University of York. Tim has also studied news journalism at Press Association Training. Follow him on Twitter @Timccopeland.
Hot Take: Spot Bitcoin ETF Approval in Question Amidst SEC Twitter Hack
The recent compromise of the Securities and Exchange Commission’s Twitter account has raised concerns about the legitimacy of spot bitcoin ETF approvals. While a fake announcement caused a temporary price surge in bitcoin, it is important to remember that official decisions are yet to be made. The incident highlights the vulnerability of online platforms and the need for robust cybersecurity measures. As investors eagerly await the SEC’s decision, it is crucial to rely on verified sources and exercise caution when reacting to news in the crypto market.
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