Markets News Report
January 10, 2024

SEC Account Hacked: Fake Spot ETF Approval Tweet Rallies Bitcoin to $47,900

SEC Account Hacked: Fake Spot ETF Approval Tweet Rallies BTC to $47,900

A fake tweet from the official Twitter account of the US Securities and Exchange Commission (SEC) granting “approval for Bitcoin ETFs for listing on all registered national securities exchanges” emerged, sending a wave of joy among the crypto community.

Bitcoin experienced a notable surge, jumping by 2.5% to reach a new 19-month high of $47,900. This uptick occurred right after the official SEC account shared news on X. The announcement grabbed the attention of the global crypto market, leading to premature celebrations among crypto observers who deemed it a landmark decision.

But soon, the news turned out to be false. The SEC said Tuesday afternoon that any such announcement about Bitcoin ETF approval on social media was incorrect.

Gary Gensler, chairperson at the U.S. SEC tweeted stating, “The SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

Twitter’s help center confirmed the unauthorized access. “We can confirm that the account SECGov was compromised and we have completed a preliminary investigation,” said X’s Safety account.

“Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the SECGov account through a third party. We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised,” it added.

Bitcoin Rallies to a All-Time High, Then Drops

The false social media post led to a sudden surge in Bitcoin’s price, only to swiftly drop back down below the $46,000 mark. At the time of writing this post, Bitcoin is at $45,982.

Subsequently, it experienced a significant drop, plummeting nearly 6% to a low of $45,100 – when revealed that the SEC’s account had been compromised, and SEC Chair Gary Gensler explicitly refuted the earlier claims.

The SEC is anticipated to decide on Bitcoin ETFs today (January 10), marking a potential shift. Over twelve asset managers, with some submitting updated registration statements on Tuesday, have applied to establish these funds. The value of the leading cryptocurrency has seen a steady rise in recent months, fueled in part by increased optimism surrounding the potential approval of spot bitcoin ETFs.

Yesterday, investment management firms BlackRock and VanEck submitted amended S-1 Forms for their spot Bitcoin ETF applications to respond to final comments from the SEC. Similarly, on January 8, prominent investment firms including Valkyrie, Bitwise, Grayscale, Invesco, BlackRock, ARK 21Shares, VanEck and WisdomTree have officially filed updated Bitcoin ETF S-1 documents.

The market is buzzing in anticipation of US SEC’s green light to the first-ever “spot” Bitcoin ETF today on January 10, 2024, marking a historic decision day for the crypto realm.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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