SEC account HACKED?

Thousands of the crypto investors waiting for the hot BTC ETF since months, years. As we have got closer the predictions for the BTC ETF was getting approved by the SEC this time at January.

Something unimaginable happened during this wait.

SEC Hacked?

At 09.01.2024 (yesterday) official X(formerly Twitter) account of SEC tweeted about the approval of the BTC ETF at 21.13 UTC.


After 5-10 minute the SEC chairman Gary Gensler tweeted a hacking about the SEC account and there are no approval of the spot traded bitcoin ETFs.


Here you can see a 1 minute chart of the BTC during those minutes.

So what are manupulations on this new?

First the BTC price did not skyrocketed during the 5 min period where we thought the SEC approves the BTC ETFs. After the Gensler tweet about SEC account being hacked BTC price dumped in a minutes. Later on the market balanced we reached a stabilazition.

At graph you can see the volume of the BTC as well.

Total amount of the 75 million USD have been liquidated in minutes both with the up and low price movements.

SEC TRUST?

There are multiples thoughts and scenarios about the event SEC account have been hacked :

This idea is what the SEC chairman Gary says at his tweet. But as we think from the hackers point of view why they have announced the approval of the ETF? They could have earn more money with the short position and the decline of the ETF where almost all the market thinks ETF approval is inevitable.

On the other hand some says the announcement is real but accidently posted early with a mistake on the planning.

Another important topic is the time amount of the SEC taking the account back. Within the 5-10 minute the SEC took the control of the account back and deleted the approval tweet.

As conclusion the SEC, the best organization about regulating at the world have failed to cover the investors trust,risk and money. No matter what the back scene of the event this is a huge failure from the SEC. Maybe at the time passes we can learn really what have happened during that 15-20 min period where all the investors shocked and have difficulties about managing their risks.

Hope you all have a great day and stay safe both phsyically and mentally during those hard times!

Here is my other article about the ETF and other important events and 2024 projection of the BTC.

https://www.bulbapp.io/p/f1afe9b5-1e7c-4e09-a283-aa1cdf3d0624/etf-halving-bitcoin-2024