Decrypt’s art, fashion and entertainment hub.
It was the fake tweet that was heard around the world. And now it has been immortalized on the Bitcoin blockchain.
After US Securities and Exchange Commissioner Gary Gensler confirmed that the regulator’s Twitter account had been compromised and used to falsely announce the approval of a spot Bitcoin ETF, someone archived Gensler’s response in an ordinal inscription.
“Just so we don’t forget, this tweet is forever immortalized on Bitcoin,” tweeted digital artist Billy Restey.
so we don’t forget…
this tweet is forever immortalized on Bitcoin..
→ https://t.co/ipV76F9gCO pic.twitter.com/RcypVCkKQO
— Billy (@billyrestey) January 9, 2024
On Tuesday, the official SEC Twitter account announced that all thirteen spot Bitcoin ETFs had been approved, when in fact none had been approved. The subsequent revelation that the tweet was fake caused Bitcoin’s price to plummet from $47,680 to just above $45,500.
Since the protocol’s introduction last January, more than 53 million ordinal numbers have been created, with the Gensler tweet attributed to Restey reading 53,995,422.
Restey has not yet responded Declutter request for comment.
Ordinal inscriptions are often compared to Ethereum-based NFTs for the Bitcoin blockchain. Thanks to updates in the Bitcoin protocol like Taproot, enthusiasts have been minting everything from images and text to video games like the original Doom. On Monday, Ninjalerts announced that a Super Nintendo Entertainment System emulator had been registered on the Bitcoin blockchain.
While some speculate that an SEC “intern” accidentally sent the tweet, an agency spokesperson said Declutter the tweet was not made by the SEC or its staff.
The fake tweet comes at a time when the financial world is waiting with bated breath to see if the SEC finally approves a spot Bitcoin ETF. More than 13 Bitcoin ETF proposals, including those from BlackRock, Fidelity, Bitwise and VanEck, are awaiting the green light to trade.
VanEck CEO Jan van Eck suggests that Bitcoin ETF trading could begin as early as Thursday.
After the hack, the SEC chairman took to Twitter to remind investors of the importance of securing their accounts.
This is a reminder to secure your financial accounts and protect yourself from identity theft and fraud.
Remember to:
🔒Use strong passphrases or passwords
🔒Set up multi-factor authentication
🔒Keep account alerts enabled#CybersecurityAwarenessMonthhttps://t.co/qitGkujLxD— Gary Gensler (@GaryGensler) October 24, 2023
Gensler’s tweet on Tuesday echoed a post on Monday warning investors about the risk of cryptocurrency scams.
“Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams,” the SEC chairman said at the time, highlighting scams targeting cryptocurrency investors, including pyramid and Ponzi schemes, and theft targeting wallets.