The U.S. Securities and Exchange Commission (SEC) faced a major cybersecurity incident yesterday, causing disarray in the highly anticipated decision on Bitcoin exchange-traded funds (ETFs). A fake post claiming approval for the products, originating from a compromised SEC account on X, sent the cryptocurrency’s price soaring briefly before authorities launched an investigation.
The fake tweet caused an immediate surge in the Bitcoin price, which almost reached $48,000 at the time. Then, at 4:26 p.m., Gary Gensler, chair of the SEC, posted that the agency’s account had been hacked, resulting in an unauthorized fake tweet. At this point, the price of bitcoin was triggered to suddenly drop to $46,800 and fall to $45,881.
The cryptocurrency market experienced a substantial drop in value after a fake approval post for spot exchange-traded funds (ETFs). Bitcoin’s market capitalization plummeted by approximately $50 billion within the last 24 hours, according to Coinglass data. The top cryptocurrency’s price dropped to $890 billion before recovering to around $900 billion at press time.
The incident has raised questions about the SEC’s security measures to protect its social accounts. Some market participants have criticized the regulator’s seemingly lax approach to protecting its social accounts and raised concerns about how the SEC can safeguard trillion-dollar markets if it cannot protect its social accounts.
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