The cryptocurrency market was recently shaken by a series of events involving the United States Securities and Exchange Commission (SEC).
A surprising post announcing the approval of Bitcoin Spot ETFs was quickly identified as the work of a hacker who took control of the SEC’s official X Twitter account.
This shocking development was confirmed by SEC Chairman Gary Gensler, bringing a new level of uncertainty and speculation. The event caused the price of bitcoin to rise to close to US$48,000, which soon after fell to close to US$45,000.
In his statement, Gensler clarified the confusion: “The SEC’s Twitter account was compromised and an unauthorized tweet was posted. The SEC has not approved the listing and trading of Bitcoin spot exchange-traded products.” This revelation highlights the vulnerability of official communication channels on digital platforms and raises concerns about cybersecurity in the financial sector.
The SEC’s quick action in debunking the fraudulent post prevented further market disruption, but the incident raises important questions about the integrity and reliability of information in an increasingly interconnected digital environment. Furthermore, the unauthorized posting and subsequent removal highlights the complexity and challenges facing financial regulators in the digital age.
The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024
There is no official approval yet for Bitcoin Spot ETFs, and investors are reminded of the importance of verifying information from reliable sources before making financial decisions. At the time of publication, the price of BTC was quoted at US$45,411.87, down 3% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.