The US Securities and Exchanges Commission (SEC) published a tweet on its official X account stating that it has approved Bitcoin ETFs. However, this is not the real situation as Gary Gensler confirmed that the committee’s social media account had been hacked.
The @SECGov Twitter account was compromised and an unauthorized tweet was posted. The SEC has not approved the listing and trading of bitcoin products traded on the spot market.
— Gary Gensler (@GaryGensler) January 9, 2024
Interestingly, the hacked account even included a statement under the name of SEC Chairman Gary Gensler. Contrary to Gensler’s usual stance on crypto, the statement read: “Today’s approval increases market transparency and provides investors with efficient access to digital asset investments within a regulated framework.”
Source: SEC X account
BTC price rises after fake news about Bitcoin ETF approval
The fake X statement spread like wildfire in the crypto market immediately after it was posted. Several influencers and developers shared positive excitement about the news published by the compromised account. And the effect was also seen on the price of BTC, with the coin heading towards $48,000 immediately after the announcement.
Source: TradingView
However, the award was withdrawn after Chairman Gensler issued a corrective statement. This even caused Bitcoin’s price to drop to $45,000 before bouncing back to $46,000.
The story is still developing.