SEC X Account Breach: False Claims on Bitcoin ETF Approval

• SEC's X Account Compromised, No Bitcoin ETFs Approved
• False Announcement Cause Market Fluctuation
• Investigation on the Security Breach
• Anticipation Around Spot Bitcoin ETFs

SEC's X Account Compromised, No Bitcoin ETFs Approved

The official X account of the Securities and Exchange Commission (SEC) suffered a security breach on Tuesday, with Chairman Gary Gensler affirming none of the Spot Bitcoin$42,260 -0.64% Exchange-Traded Funds (ETFs) have received approval. A misleading message was propagated on the SEC's X account after 4:00 PM ET, stating that Today, the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges.

False Announcement Cause Market Fluctuation

Chairman Gensler clarified this statement was not authorized and the account was indeed compromised. The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products he added. This false alert significantly impacted the Bitcoin market. At 4:15 PM ET, the price of Bitcoin surged to $47,893, an increase of nearly $1,000 from just minutes prior to the posting. However, when the news was confirmed as inaccuracies, the value plummeted below $46,000.

Investigation on the Security Breach

As of now, the identity of the hackers and the time they gained access to the SEC's X account remains unknown. An investigation is presumably underway to identify the culprits and the origin of the breach.

Anticipation Around Spot Bitcoin ETFs

Decisions regarding Spot Bitcoin ETFs are anticipated to be made this week, possibly even tomorrow, according to industry specialists. However, this timeline may be jeopardized due to the recent hacking incident. Over a dozen asset management firms have lodged applications for Bitcoin ETFs. Approval could lead to widespread incorporation of Bitcoin in conventional banking procedures.

Edited by Jonathan Stoker