SEC and Twitter Announce Probe Sham Bitcoin ETF Tweet
According to the regulatory agency, ‘unsanctioned access’ to its X account has been discontinued.
A fake X (formerly Twitter) post has evoked chaos in the crypto sphere and broader financial markets. The Securities and Exchange Commission (SEC) announced partnering with X to investigate what occurred.
SEC Announces Recovery of Twitter Account
Late Tuesday, the commission revealed to a media outlet that it had identified unapproved access to and activity on the @SECGov x.com account by an unfamiliar person after 4 pm ET. The unapproved access has been ended.
Further, the statement said the SEC, law enforcement, and partners across the government would collaborate to evaluate the matter and establish suitable next steps associated with the unapproved access and associated misbehavior.
The SEC’s chair, Gary Gensler, described the commission’s X account as ‘compromised’ by revealing that ‘no spot Bitcoin exchange-traded products had been sanctioned for listing and trading.’ The financial and crypto communities enthusiastically expected this kind of move, though a majority assumed a late Wednesday verdict deadline.
Bitcoin Plunge Following Sham ETF News
The sham news evoked an immediate plunge in Bitcoin’s value. Despite the fake tweet being removed, the situation resonated all through the rest of the day.
A few commentators asked if the Securities and Exchange Commission would have to probe itself. So far, the commission openly disregards cryptocurrencies as a too easily manipulated market. Walter Bloomberg, a crypto Twitter influencer, claims that Twitter is also involved in the case.
Despite a creative poster on his platform, Elon Musk, Twitter’s owner, has not discussed the issue. Instead, he has focused on election honesty and immigration. Additionally, he has focused on ‘select shows on X’ with different hosts, including Jim Rome, Don Lemon, and Tulsi Gabbard.
Editorial credit: JRdes / Shutterstock.com
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