Happy New Year, dear reader! Hope you enjoyed the holidays.
Today’s post is on the fake X post of the SEC about Spot Bitcoin ETF approval.
Bitcoin ETF approval has been all the rage from the end of 2023 to the beginning of 2024.
A date (10/01/2024) has even been fixed for the SEC to give their final verdict on the issue.
Suddenly, a fake approval post was made, and the SEC Chair came out to say the SEC account had been compromised.
Hello SEC… Gary… What’s happening?
Find the full gist below.
SEC’s Bitcoin ETF Approval Post: What Really Happened?
So, on 09/01/2024, a post was made on the SEC X page saying that the Bitcoin ETF had been approved.
The Spot Bitcoin ETF approval fake news was reposted by many news outlets, including yours truly’s X page.
Talk about the fastest fingers!😀
And 15 minutes later, the SEC Chair, Gary Gensler, comes out to disprove the post, saying the SEC’s X account has been compromised.
The Safety X page also put out a statement to confirm Gensler’s claim.
Safety X said the compromise was due to an unidentified individual getting access to the phone number associated with the SEC’s X account.
It also confirmed that the SEC’s account did not have the 2FA enabled at the time of the compromise.
This is a pure case of a SIM Swap attack (Read more on this here).
But with the fake news shenanigans came a huge price drop for Bitcoin – from $47k to $45k.
Now, there came the speculations:
- Is the post a peek into the SEC’s approval of the Bitcoin ETFs?
- Has the decision been taken and leaked by a quick-fingered staff member?
- Is it a sheer manipulation of the market?
- Or is it really a case of security negligence on the part of SEC’s X page handlers?
- How come the compromised account has been restored?
There are many questions and opinions, but I shared my thoughts below.
Scroll to read.
Bitcoin ETF Fake Post Speculations: My 2 Cents!
Is the post a peek into the SEC’s approval of the Bitcoin ETFs? Has the decision been taken and leaked by a quick-fingered staff member?
Personally, I think the Spot Bitcoin ETF approval is something that is bound to happen, but the SEC is just dragging its feet.
A lil’ part of me feels the acclaimed fake post of approval is actually the real thing, just that the decision was leaked a little too early.
The fake post narrative will give the SEC more time to delay the decision announcement if that is its intent.
But if not, the decision can still be reached – maybe not today, but this week, hopefully.
Is it a sheer manipulation of the market?
A bigger part of me thinks the SEC just pulled a quick one on crypto traders and investors.
Remember the Cointelegraph post last year (Oct. 2023) about the same Spot Bitcoin ETF approval?
The news also shook the crypto verse then, just as the SEC’s own did now.
I think it’s all a script playing out to manipulate the market for their own selfish gains.
If I may say, just put a hold on trading for now and focus till the market stabilizes and the whole fake post thing is sorted out.
You can focus on farming airdrops and making some cool cash.
You can check out our pinned post on X for some ongoing airdrops.
Or is it really a case of security negligence on the part of SEC’s X-page handlers? Has the compromised account been restored?
Again, something really stinks with the SEC’s account compromise and the X team backing it up.
I don’t know much, but I know that X account recovery takes some time.
But the fact that the SEC is already back in control of its account begs the question: was there a loss of control in the first place?
How can one believe that the official X account of the United States Securities and Exchange Commission did not enable 2FA on its account?
How… Just how?
If true, it says a lot about the person manning that post and the whole SEC body.
Before I go ahead to conclude this post, I want to say that this is STRICTLY MY PERSONAL OPINION and should not, in any way, be seen as financial advice.
Always do your own research and find out things for yourself before making any decision in the ever-volatile crypto market.
Let’s go and conclude today’s post.
Conclusion
The crypto world is a typical case of ‘one day, one trouble.’😁
Today, it’s the SEC’s fake Spot Bitcoin ETF approval post; who knows what will trend tomorrow?
I read that some US Senators are calling for the head of Gensler and requesting a report on the compromise at the latest Monday.
That means this matter is not getting off the trend that easily – in Nigerian parlance, we say, “the matter go long well well.”
But I will be here to keep you updated on the latest happenings.
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Till my next post, stay safe.
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