Hacker hack the SEC’s X account to publish a fake about the launch of spot BTC ETFs

What’s new? Unknown people hacked into the US Securities and Exchange Commission’s (SEC) X account and posted a statement about the approval of spot bitcoin exchange-traded funds (ETFs). Later, the head of the regulator Gary Gensler clarified that the news is fake, and such products are still not allowed to be listed and traded on stock exchanges. At the same time, earlier the media, citing sources, repeatedly reported that the SEC may approve spot BTC ETFs as early as January 10.

Источник: Twitter.com

What else is known? The X security service also confirmed the fact of hacking. Following the investigation, specialists concluded that the security systems of the social network itself were not breached. They reported that hackers gained control over the phone number tied to the official @SECGov account, on which two-factor authentication was not enabled.

Источник: Twitter.com

In comments on Gensler’s statement, users question how the SEC can protect investors if it cannot even protect its own social media account. The panelists also note that the hacker’s posting from the federal regulator’s official account should be viewed as market manipulation by the SEC.

“You usually give penalties in the 100s of millions when other private investment firms make mistakes like this that manipulate the market...What will you do to fix this?” crypto blogger Layah Heilpern wondered.

Источник: Twitter.com

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GreeksLive analysts write that the fake publication significantly increased bitcoin’s volatility, and many investors reduced their positions in the asset or the amount of leverage in them by executing an early “sell on the news” (trading strategy Buy the rumors sell the news).

Источник: Twitter.com

At the moment, the BTC exchange rate on Binance reached $47 972. Aggregator CoinGecko recorded a jump to $47 680 and a subsequent drop of 5% in less than an hour. By the time of writing, the asset’s rate had partially recovered to $45 843.

The analytical platform CoinGlass recorded the liquidation of long positions in bitcoin by $48,09 million per day.

In connection with the incident, US Senators J.D. Vance and Thom Tillis demanded that the SEC provide Congress with a report on the hacking of the X account. The officials expressed serious concerns about the commission’s internal cybersecurity procedures. They emphasized that the situation runs counter to the SEC’s tripartite mission of protecting investors, maintaining a fair, orderly, and efficient marketplace, and capital formation.

Источник: Twitter.com

For now, investment firms are still waiting for SEC approval to launch spot BTC ETFs. They have already submitted the final versions of their applications, specifying the initial funding and fees. Grayscale has set the highest fund management fee.

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In October last year, a similar fake was published by Cointelegraph, then the journalist referred to an unverified source in X. As a result, bitcoin rose by 12% overnight.