Gary Gensler, chair of the SEC, announced the hacking of the agency’s social media account in a post on X.
The SEC head, Gary Gensler, has come clean about the hack that circulated misinformation about the approval of a spot Bitcoin exchange-traded fund (ETF) via the agency’s X (previously Twitter) account.
An illegal tweet was issued when the SEC government Twitter account was hijacked, according to Gensler’s article.
Gensler disclosed the SEC’s hacked social media account on X. On the other hand, the publication misled its large audience into thinking the regulator had approved the spot Bitcoin ETF. A key decision is expected to be made this week.
The SEC has not permitted the listing and trading of spot bitcoin exchange-traded products. On January 10, the SEC must announce its decision on the ARK 21Shares spot Bitcoin ETF application.
The statement and following adjustment looked good, but they didn’t have much of an effect on the price. A little decline occurred, but things have leveled off now.
There is a $46,066 price on Bitcoin as of this writing. Many members of the cryptocurrency world reacted swiftly on social media to the news, which sparked curiosity.
As a result of Gensler’s acknowledgment that it was a mistake, early-stage venture capital company 6th Ventures investor and renowned crypto player Mike Dudas questioned the regulator’s delay in removing the post.
“The SEC government approval tweet is still up. It’s total chaos in Washington, DC. After two days of Gary Gensler tweeting out cautionary content from the sec’s Twitter account, they get hacked or exploited and spread false news about a Bitcoin approval, which has a direct impact on the market.”
Eric Balchunas, an ETF expert, nevertheless puts forth a theory. Although there are fragments of evidence “pointing to a hack,” he thinks it came from inside the SEC, maybe a planned tweet meant for tomorrow.
Earlier, BeInCrypto stated that ETF expert Eric Balchunas has lowered the SEC’s rejection probability of the ETF to 5%.
Also Read: BitPay can accept BNB, Chainlink, and other payments for products and bills January 9, 2024
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