The approval of all or at least one spot Bitcoin (BTC) exchange traded fund (ETF) is expected this Wednesday, so everyone is on close watch on the next move of the US Securities and Exchange Commission (SEC). Then, the announcement finally came in the X (formerly Twitter) account of the regulator a few hours ago. However, the post was immediately taken down and it was blamed on a hacking incident.
The Spot Bitcoin ETF Announcement and SEC Hacking Incident
Remember when the SEC told us to only trust the information they provide instead of third-party sources, especially when it comes to the status of the spot Bitcoin ETFs under review? So, they did make an announcement earlier via their official account on X.
“Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges,” said the SEC on the social media platform. “The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.”
It also came with an official statement from SEC Chair Gary Gensler saying, “Today’s approval enhances market transparency and provides investors with efficient access to digital asset investments within a regulated framework.”
Moments later, they retracted and claimed a hacker was responsible for it.
“The @SECGov twitter account was compromised, and an unauthorized tweet was posted,” Gensler told the public later. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
The Public Backlash
With an event like this happening within the crucial hours of the crypto community and the overall financial market, heads are about to roll. All concerned parties are now calling for the investigation of the hacking activity and securities lawyers are even looking into the angle of a possible market manipulation.
According to various sources, X owner and CTO Elon Musk is currently investigating the cause of the SEC hack. US Senator Bill Hagerty was also fuming as he commented that the incident was “unacceptable” and called for Congress to conduct a probe.
How is Bitcoin Holding Up?
The SEC’s decision on the spot Bitcoin ETF filings holds a major implication for the BTC ecosystem. So, the botched announcement spiked the digital asset close to $48K at $47,893.70 before the fraud was exposed. And just like that, it slumped to $45,244.72 following Gensler’s revelation of the hacking.
As of this writing at 3:30 AM UTC, Bitcoin is trading at $46,202.55 as the market comes to terms with the latest chain of events and as it awaits the “real” official announcement.