Business

Cryptocurrency Jumps After False Claim On X That SEC Approved ETFs

The price of cryptocurrencies was reported to have swung sharply on Tuesday after a false post on the US Securities and Exchange Commission’s official X account, claimed the regulator had approved the first-ever US spot bitcoin exchange traded funds.

The commission, who later deleted the post, said its account had been “compromised”

The post said the regulator “grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges”.

The post was immediately picked up and quoted by social media users and business news outlets.

The SEC’s chairperson, Gary Gensler also posted a message refuting the erroneous announcement on his personal X account 

He said “The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

Also, a SEC spokesperson “The SEC has determined that there was unauthorized access to and activity on the @SECGov x.com account by an unknown party for a brief period of time shortly after 4 pm ET.

“That unauthorized access has been terminated. The SEC will work with law enforcement and our partners across government to investigate the matter and determine appropriate next steps relating to both the unauthorized access and any related misconduct.”

Later on, Tuesday, X said it had completed a preliminary probe into the false post on the SEC’s account and found that it was not due to a breach of the social media platform’s systems.

“We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation

“Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party

“We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised.”

Bitcoin jumped to almost $48,000 (£37,800) immediately after the erroneous post before falling back to around $46,000.

Follow us on:

AriseNews

Recent Posts

Matt Gaetz To Exit Congress Following Withdrawal As DOJ Nominee Amid Controversy

Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…

1 hour ago

Tinubu Seeks Senate Approval For Oluyede As Chief Of Army Staff

President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…

2 hours ago

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

4 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

4 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

5 hours ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

5 hours ago