Key Points:
The drama unfolded on Tuesday when a seemingly innocuous tweet appeared on the @SECGov account, claiming the agency had approved multiple Bitcoin exchange-traded funds (ETFs). This news, long-awaited by investors, instantly sent Bitcoin prices skyrocketing. Crypto exchanges buzzed with excitement, with some, like Coinbase, even issuing celebratory statements.
However, the euphoria was short-lived. Within minutes, SEC Chair Gary Gensler issued a statement via his own X account, clarifying that the previous tweet was “unauthorized” and the result of a “compromised” account. Bitcoin prices promptly plummeted, reflecting the market’s volatile reaction to the false information.
The SEC confirmed the hack, acknowledging “unauthorized access” to its X account. While details of the breach remain unclear, the FBI investigates the SEC hack and its potential implications for financial markets.
“I’m concerned that unauthorized access to SEC accounts could undermine our markets and the agency’s mission,” said Sen. Sherrod Brown, Chairman of the Senate Banking Committee, demanding an investigation and updates. Adding fuel to the fire, Republican Senators JD Vance and Thom Tillis sent a scathing letter to Gensler, slamming the SEC for a “colossal error” that eroded trust in the agency and the financial system.
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