Bitcoin ETF’s false start: Hack or fat-fingered SEC intern?

The NFT Unicorn 397a7d68-36f4-4046-9bcb-0cee88f7157e Bitcoin ETF’s false start: Hack or fat-fingered SEC intern? Crypto News

The United States Securities and Exchange Commission has vehemently denied its staff had any involvement in posting the recent “unauthorized” tweet claiming spot Bitcoin ETFs had been approved, though some in the crypto community still think otherwise. 

On Jan. 9, the official X account of the SEC tweeted that it had granted approvals for Bitcoin ETFs to be listed on all registered national securities exchanges. This turned out to be false, according to statements from SEC chair Gary Gensler and the official SEC X account. 

Despite this, some pundits on X still believe the post was constructed by the SEC — just accidentally sent out. Others say there are clues to suggest why this is not the case.

However, others have taken a fine-tooth comb to the “unauthorized” post, noting hashtags and the Bitcoin icon was out of place for the SEC.

Another X user pointed to the SEC’s use of the words “compromised” and “unauthorized” to suggest that the account had not been hacked.

Meanwhile, Cinneamhain Ventures partner Adam Cochran suggested it was possible that both of the theories could be true simultaneously. 

Related: Lawyers, politicians call for investigation of SEC over Bitcoin ETF post

“My guess is that the SEC account was both hacked AND that the tweet was real,” he wrote in a Jan. 9 X post. “Hacker first tweeted and then deleted just a ticker. Then likely found the tweet with the announcement graphic and Gensler quote in the draft folder.”

“Hacker wouldn’t be someone to meticulously plan and prepare a graphic that is in the style of the SEC and also be dumb enough to just tweet a ticker like it’s a meme. So both things are true, and the approval announcement is lined up,” added Cochran. 

The price of Bitcoin (BTC) whipsawed violently in the dwindling hours of Jan. 9 as the official X (formerly Twitter) account of the SEC posted a tweet claiming that spot Bitcoin ETFs had been approved.

A spokesperson from the SEC told Cointelegraph that the SEC staff played no role in publishing the false Bitcoin ETF tweet. 

“The SEC’s @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff.”

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Source: Cointelegraph