How do they let this happen?
For 15 minutes, the cryptocurrency industry was in euphoria, only to be comedically deflated by a hacked tweet.
In a bizarre turn of events, the usually staid and stern U.S. Securities and Exchange Commission (SEC) found itself at the center of crypto comedy, leaving the cryptocurrency community in stitches and investors on a rollercoaster of emotions.
The false SEC Twitter (X) Bitcoin ETF approval tweet sent shockwaves through the market. Bitcoin almost touched $48,000! After the news, it fell back down to around $45,00.
What started as a groundbreaking tweet approving Bitcoin ETFs turned into a total plot twist, leaving everyone questioning the security measures in place at one of the most significant financial oversight institutions.
So, what happened? What’s to come?
The Misinformation Mayhem
The saga began with an official tweet from the SEC’s Twitter account, signaling an unexpected reversal in the agency’s stance on Bitcoin ETFs. Investors worldwide were gearing up for a celebration, anticipating a breakthrough moment for cryptocurrency adoption. However, the revelry was short-lived.
Here’s the original tweet. Gary Gensler, Chair of the SEC, stating confirmation.
If only it were true…
The Plot Twist
Exactly fifteen minutes later, Gary Gensler hopped on the SEC’s account and swiftly clarified that their Twitter (X) had fallen victim to a cyber attack.
The purported approval of Bitcoin ETFs was nothing more than a hoax, shattering the dreams of crypto enthusiasts and punctuating the event with a touch of irony. The very institution responsible for safeguarding financial integrity had become a victim of a cybersecurity lapse, leaving many to question the robustness of its defenses and many Twitter (X) memes to be made.
Two-Factor Authentication, Anyone?
Not the SEC, apparently. X’s corporate safety account posted a statement saying the hacker had gained “control with a phone number associated with the S.E.C. ‘s official handle.
The statement said the S.E.C. had not enabled two-factor authentication, a common security tool to protect online accounts.
How does the SEC not have this set up? Even I do!
As the crypto markets reeled back to reality, questions arose about the SEC’s cybersecurity measures. The irony of a financial regulatory body falling prey to a security breach added a layer of skepticism about the safeguards in place for crucial financial information.
What’s Next for Bitcoin ETFs?
Beyond the social media circus, the real decision on Bitcoin ETFs remains pending. The SEC is expected to announce its decision this week, and crypto advocates are cautiously optimistic. However, with SEC Chair Gary Gensler’s history of crypto skepticism, the outcome is uncertain. As the crypto world awaits the true verdict of the Bitcoin ETF decision, this incident will not be forgotten.
Conclusion
The SEC’s Twitter (X) trouble has injected an unexpected dose of humor and skepticism into the world of cryptocurrency. As the crypto community navigates the aftermath of this bizarre event, it serves as a stark reminder that even the guardians of financial regulation are susceptible to cybersecurity threats.
Whether the SEC’s decision on Bitcoin ETFs brings joy or disappointment, one thing is certain — the crypto comedy continues to unfold!
I’ll release an update when the SEC makes their decision, and I hope you enjoyed this!
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Feel welcome to leave questions, thoughts, and comments as well! I truly appreciate you reading!
About the Author
Lydia Lim is an ambitious student pursuing a double major in Political Science and Entrepreneurship, with prior studies in International Business. Lydia aspires to empower the common constituency by offering insights that facilitate a better understanding of complex economic concepts. Through her work, she aims to bridge the gap between intricate ideas and everyday comprehension, fostering financial literacy and awareness for all.
SEC Lets Out a Fake Bitcoin ETF Approval? was originally published in The Dark Side on Medium, where people are continuing the conversation by highlighting and responding to this story.
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