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Unofficial Approval: The SEC Twitter Account Compromised to Announce Bitcoin ETFs

Highlights

  • SEC's Twitter hacked, false Bitcoin ETFs approval posted.

  • Fraudulent news causes Bitcoin value to spike 25%.

  • SEC refutes fake approval; Twitter admits security lapse.

In an unprecedented cyber incident, the official Twitter account of the U.S. Securities and Exchange Commission (SEC) was compromised, causing a temporary upheaval within the cryptocurrency industry. This breach led to the dissemination of false information regarding the approval of Bitcoin Exchange Traded Funds (ETFs), which are highly anticipated financial instruments within the crypto community.

Widespread Misinformation

The unauthorized tweet masquerading as an official SEC update propagated rapidly across social media platforms. This misinformation, suggesting a breakthrough in Bitcoin’s acceptance by regulatory authorities, sparked immediate excitement among investors and cryptocurrency enthusiasts.

As the news spread, the value of Bitcoin surged dramatically by 25%, fueled by the collective euphoria of investors who believed that the cryptocurrency had finally overcome a significant regulatory challenge. The widespread reporting on the false approval caused many to act upon the information before its authenticity could be confirmed.

Exposed Vulnerabilities and Aftermath

Subsequent investigations revealed that the cyberattack was executed by exploiting a third-party service linked to the SEC’s Twitter account. The attackers gained control of a phone number associated with the account, which lacked two-factor authentication—a critical security measure—making the breach possible.

Twitter, which has been under the leadership of Elon Musk, acknowledged the security oversight. Shortly after the incident unfolded, the SEC promptly corrected the narrative by declaring the tweet as unauthorized and clarifying that no such approval had been granted. This correction brought an abrupt end to the short-lived excitement and caused the inflated Bitcoin prices to revert.

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