Investors experienced tumultuous moments in the last 1.5 hours due to a false announcement of a Spot Bitcoin ETF approval from SEC’s hacked official account. SEC Chairman Gary Gensler faces criticism for the security breach and delayed clarification.
The hack of a government agency’s account led to a misleading post that could have caused million-dollar liquidations. People mistakenly trusted the announcement, despite previous SEC advice to only trust official SEC sources.
Minutes after the fake announcement, Gensler confirmed via his personal account that no ETF approval was granted and the official account was compromised. By then, many investors believed the approval was real, and mainstream media rushed to spread the false news.
Currently, SEC Chairman is under fire for failing to secure his own social media account while advising investors on security measures. The incident has raised questions about the potential impact on the actual ETF approval process.
The crypto community reacts with sarcasm and speculation, while SEC’s handling of the situation paints a grim picture of potential outcomes, including lawsuits from major investment firms and fueling conspiracy theories about anti-crypto lobbying.