SEC’s False Tweets Cause Market Turmoil, Gary Gensler’s Tweets Go Viral, Senator Calls for Congressional Clarification
The U.S. Securities and Exchange Commission (SEC) made a major mistake on the morning of January 10th in Taiwan time, claiming that hackers (unauthorized access) had used the SEC’s Twitter account to announce the approval of all Bitcoin spot ETFs. This caused a short-term surge in Bitcoin to 48K and then a rapid decline. The SEC stated that it would cooperate with law enforcement agencies to investigate the matter.
SEC Hacked! Gary Gensler, Chairman of the SEC, Manipulates the Market on the Eve of Bitcoin Spot ETF Approval
Table of Contents:
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Gary Gensler’s Tweet Engraved on the Blockchain
U.S. Senators: Unacceptable Error, Congress Needs an Explanation
SEC: Will Cooperate with Law Enforcement Agencies to Investigate the Matter
Gary Gensler’s Tweet Engraved on the Blockchain
SEC Chairman Gary Gensler explained the hacked tweets from his Twitter account after the incident. Digital artist Billy Restey engraved and uploaded the tweets onto the Bitcoin network. Billy Restey said, “In order for us not to forget, this tweet has been immortalized on Bitcoin.”
The engraving by Restey is recorded as 53,995,422 and written in block 825,059.
U.S. Senators: Unacceptable Error, Congress Needs an Explanation
Senator Bill Hagerty of Tennessee’s tweet received a great response. He stated, “Just as the SEC requires a publicly traded company to take responsibility for a market-impacting error, Congress also needs an answer to what just happened. This is unacceptable.”
SEC: Will Cooperate with Law Enforcement Agencies to Investigate the Matter
The SEC seems to be actively responding to such a huge PR crisis and has responded to multiple blockchain media outlets. The SEC has provided an explanation for the hack, stating, “Shortly after 4 p.m. Eastern Time (around 5 a.m. in Taiwan), an unauthorized access to the SEC’s Twitter account occurred and was promptly terminated. The SEC will cooperate with law enforcement agencies to investigate the matter and determine any subsequent actions related to unauthorized access and any related misconduct.”
The SEC told CoinDesk that any Committee 19b-4 orders will be published on the SEC’s website and announced in the Federal Register.
Many members of the crypto community speculated that the Bitcoin spot ETF had been approved by the SEC and that the tweet was accidentally released early by an SEC “intern.” However, an SEC spokesperson emphasized to Decrypt, an external media outlet, that the tweet was not published by the SEC or its staff.
Gary Gensler
SEC
Bitcoin spot ETF
Read more:
Former SEC Chairman Jay Clayton Interview: Approval of Bitcoin Spot ETF Inevitable
Is the Approval of a Bitcoin ETF Really Important? Venture Partner Adam Cochran: Short-term Impact is Insignificant
