The fake announcement sent the price of Bitcoin down 2% within minutes.
Posted January 9, 2024 at 4:21 pm EST. Updated January 9, 2024 at 6:10 pm EST.
The X account of the United States Securities and Exchange Commission was compromised on Tuesday afternoon and posted a fake tweet announcing that the agency had approved spot Bitcoin exchange-traded funds (ETFs), according to SEC Chair Gary Gensler.
“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,” wrote Gensler.
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.
— Gary Gensler (@GaryGensler) January 9, 2024
The fake announcement has caused some swings in BTC’s price. The unauthorized tweet was posted at 4:11 p.m. EST, when BTC was valued at $46,700. After briefly increasing to nearly $47,900, the cryptocurrency has since slid 2% to roughly $45,000 at the time of publication, data from TradingView shows.
The crypto community and investors have waited years for a spot Bitcoin ETF to be approved, and the decision was widely expected to come tomorrow, the final deadline for the SEC to make a decision on one of the applications.
This is not the first time an inaccurate tweet about spot Bitcoin ETFs has impacted BTC’s price. In October, a tweet from CoinTelegraph falsely claimed that BlackRock’s spot ETF application had been approved, causing BTC to surge 10%. Its price came back down, however, after BlackRock said the news was not true.
CORRECTION (Jan. 9 4:53 p.m. ET): An initial version of this story inaccurately stated that the SEC had approved spot Bitcoin ETFs. We deeply regret the error.
UPDATE (Jan. 9 6:10 p.m. ET): Added information about CoinTelegraph’s false tweet in October.
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- Source: https://unchainedcrypto.com/sec-x-account-compromised-fake-tweet-announces-approval-of-spot-btc-etfs/
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