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Investors went through extremely interesting moments in the last 1.5 hours. It started well but unfortunately ended badly. Everyone was expecting the approval of the Spot Bitcoin ETF to come within 24 hours. An announcement was made from the SEC’s official account stating that the ETF had been approved. It then turned out that this account had been hacked. Gensler is attracting criticism.
The SEC and the Scandal It Caused
The official government agency’s account is hacked, and a post that could cause millions of dollars in liquidation is made. People believed the approval was granted, trusting the SEC’s previous advice to rely on SEC sources for information, but they were mistaken.
Minutes after the post from the SEC official account, Gensler announced from his personal account that the ETF had not been approved and that the account had been hacked. He did this minutes later, causing many investors to believe the ETF had been approved, and mainstream sources rushed to spread the news.
At the moment, SEC Chairman is being criticized for not being able to secure his own social media account, while advising investors on “how to protect themselves.”
Ripple CEO Brad said;
“Days like this remind me 1/ the SEC needs to investigate itself for many things 2/ crypto Twitter continues to be undefeated in memes.”
Michael Saylor wrote;
“BTC ETF will be the only thing approved by the SEC twice.”
On October 24, 2023, Gensler had published these warnings through his social media account;
“This is a reminder to secure your financial accounts as well as protect yourself against identity theft and fraud. Don’t forget to:
Use strong passwords or passphrases
Set up multi-factor authentication
Keep account alerts on.”
Will There Be a Spot Bitcoin ETF Rejection?
The SEC Chairman and the official account’s announcement used the phrase “not yet approved” instead of “ETFs are not approved.” This made investors wonder if the recent incident will lead to the rejection of ETFs. James Seyffart, on the other hand, is curious about why the cyber attacker wrote “Approved” instead of “Rejected.”
If the attacker had made a post about the ETF rejection, it would have given him more volatility and indirectly the opportunity to make money. However, he did something that could jeopardize the approval, dampening the market excitement with a post saying the ETF was approved.
We will see how the recent events will affect the approval process in a few hours, but now the SEC has a unique oil painting that can explain the speculation in the markets. If they decide to reject the ETF tomorrow and say that yesterday’s events helped us better understand the risks here, it will surprise fewer people than you think. It will also lead to the SEC being sued by many massive investment firms, including BlackRock, and will fuel rumors that the SEC or anti-crypto lobbyists organized this.
