Is a decline coming in Bitcoin?"SEC's Twitter Account Hacking Causes Chaos in the Bitcoin ETF Market

The crypto world was anticipating the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), but a hacking incident

involving SEC's official X account caused significant turmoil. A false post from the SEC's X account on Tuesday falsely claimed that the SEC had approved Bitcoin ETF applications. This misinformation led to a rapid rise and fall in Bitcoin prices. SEC Chairman Gary Gensler clarified that no approvals had been issued, triggering a sell-off in Bitcoin markets. Following the attack, the SEC's X account was quickly recovered, and the misleading tweet stating "spot BTC ETFs approved" was deleted. Gensler announced that the account had been compromised and an unauthorized tweet was sent. The SEC is investigating this incident and related behaviors. The U.S. Securities and Exchange Commission reported that an indi

vidual briefly accessed the Commission's X social media account and posted a fake message approving Bitcoin ETFs. The SEC reaffirmed that it had not yet approved spot bitcoin ETFs. It was disclosed that the SEC's account on the platform formerly known as Twitter was briefly taken over by an unknown party but the unauthorized access was terminated. Joe Benarroch, stated that the SEC's account is secure, and the company is investigating the fundamental reasons behind the account com
promise. The unauthorized post claimed that the SEC had approved Bitcoin ETFs for all registered national securities exchanges and included an alleged quote and image of SEC Chairman Gary Gensler. This post, which came just as the SEC was expected to finally approve a group of ETFs tracking bitcoin prices on Wednesday, caused confusion and speculation in the industry. SEC officia
ls and Bitcoin ETF issuers expressed concerns that the hacking incident might delay or even revoke the approval of spot bitcoin ETFs. Two issuers, speaking on condition of anonymity, said it was immediately unclear whether the hack would affect the timeline for approving spot bitcoin ETFs. X (formerly Twitter) team initiated a technical investigation to understand how the SEC's account was compromised. Preliminary findings suggest that the account was accessed via a phone number associated with the account, which lacked two-factor authentication (2FA). This incident led to manipulative price movements in Bitcoin and created significant uncertainty in the sector. The SEC's decision today is expected to be about the joint proposal of Ark Investments and 21Shares.