The cryptocurrency community is going crazy in the aftermath of an unexpected hack that caused an industry downturn. The criminal? It was none other than the official X (Twitter) account of the Securities and Exchange Commission (SEC). compromise by unknown hackers. The timing could not have been worse, as the hack occurred right around the time the long-awaited spot Bitcoin ETF decision was announced.
Bitcoin plummets after fake approval news
As a result, Bitcoin, which had reached an all-time high of $47,000 just 24 hours ago, plummeted to $45,920 due to the hack. The sudden and sharp decline has left many investors anxious, with some questioning whether this is the start of a larger downturn in the cryptocurrency market.
Is a breached account the reason for the delay?
Maybe so, maybe not! However, according to some experts, the SEC’s hacking of accounts could be the reason for the delay. This is not the first time the SEC has caused controversy and controversy, but this time there is a real reason to delay the decision, and the biggest reason is the hacking of the X (Twitter) account.
Now industry experts are reacting to this, and one of the known faces from X is Mr. Huber posted that the SEC has chosen to take legal action in a way that helps individuals or companies achieve their goals rather than simply following regulations. Rules and laws that already exist. This means that you may put your own interests ahead of doing what is fair and right according to the law.
Huber is accusing the SEC of using the recent hacking of social media accounts as an excuse to delay a decision on the Bitcoin ETF. They argue that the SEC was not affected by the hack in any way that would affect its ability to make decisions and that this is just another example of the SEC making excuses to avoid approving ETFs.
In addition, the X (Twitter) investigation team recently confirmed that the account was hacked, possibly due to SIM swap. It was also confirmed by X that SEC accounts do not have two-factor protection (2FA).
Lawmaker asks Gensler via email
Following the SEC account hacking mistake, Rep. Darrell Issa, chairman of the House Oversight and Government Reform Committee, demanded that Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler disclose all personal emails he sent to the agency. Employees for official purposes.
The request follows internal reports that during the collapse of futures broker MF Global, Gensler frequently communicated with employees through personal email accounts. Issa suspects Gensler may be trying to violate federal transparency laws by keeping these emails public. Reuters