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<a href="https://bitcoinworld.co.in/fake-spot-bitcoin-etf-approval-post-on-secs-x-account-hack-or-inside-job/" title="Fake Spot Bitcoin ETF Approval Post On SEC’s X Account, Hack Or Inside Job?" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">The crypto community is reacting to the fake Spot Bitcoin ETF approval post on SEC’s X account, demanding a clear explanation on whether it was truly a hack exploit or an insider job.</li> 
</ul> 
The Securities and Exchange Commission (SEC) says it’s investigating the compromise of its X (formerly Twitter) account, after an “unidentified person” gained access and posted that it had approved a much-anticipated spot bitcoin ETF. 
The fake post garnered immediate reaction from crypto enthusiasts, with bitcoin’s price jumping 2.2% immediately after.&nbsp; 
When the SEC said it was fake minutes later, BTC dropped rapidly by 4.5%. The event resulted in about a $210 million crypto meltdown, Bitcoinworld <a href="https://bitcoinworld.co.in/misleading-sec-tweet-triggered-210m-crypto-meltdown-did-sec-manipulate-the-crypto-market-with-fake-tweet/">reported</a>. 
The incident prompted an investigation from <a href="https://twitter.com/GaryGensler/status/1744833049064288387">X</a>, which said it had found that the person responsible had access to the phone number attached to the SEC account. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/us-senators-seek-gary-genslers-report-on-x-breach-deadline-monday/" aria-label="“US Senators Seek Gary Gensler’s Report On X Breach, Deadline Monday” (Edit)">US Senators Seek Gary Gensler’s Report On X Breach, Deadline Monday</a> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> 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. 
 — Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1744833049064288387?ref_src=twsrc%5Etfw">January 9, 2024</a>
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“We can confirm that the account @SECGov was compromised,” X’s safety account wrote.&nbsp; 
“Based on our investigation, the compromise was… due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party.” 
X continued to say that the SEC’s account didn’t have two-factor authentication enabled at the time. This prompted some in the crypto community to attempt to infiltrate the SEC’s account by guessing the associated email address. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 OMG the SECGOV seriously isn't using any security for their account <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Anyone want to take guesses at their email??? <a href="https://t.co/GK8h9FuVWF">pic.twitter.com/GK8h9FuVWF</a> 
 — Captain_Plantain (@Cap_Plantain) <a href="https://twitter.com/Cap_Plantain/status/1744836685869789429?ref_src=twsrc%5Etfw">January 9, 2024</a>
</blockquote> 
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Other reactions from the crypto community involved skepticism, memes, and investigations into the person(s) responsible. 
<h3 id="span-style-font-weight-400-who-posted-the-sec-s-approval-of-the-spot-bitcoin-etf-span">Who Posted The SEC’s Approval Of The Spot Bitcoin ETF?</h3> 
Memes about the SEC post ran rampant online. Popular influencer Autism Capital pointed the finger at Sam Bankman-Fried in a tongue-in-cheek post.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 We found the SEC "hacker." <a href="https://t.co/Mz3KTkmBFU">pic.twitter.com/Mz3KTkmBFU</a> 
 — Autism Capital <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9e9.png" alt="🧩" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@AutismCapital) <a href="https://twitter.com/AutismCapital/status/1744872166313914573?ref_src=twsrc%5Etfw">January 10, 2024</a>
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Another joked that disgraced influencer BitBoy was “caught trying to take matters into his own hands.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 BREAKING: BitBoy caught trying to take matters into his own hands. <a href="https://t.co/FZZ3AsrzN5">pic.twitter.com/FZZ3AsrzN5</a> 
 — Brad Mills <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f511.png" alt="🔑" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@bradmillscan) <a href="https://twitter.com/bradmillscan/status/1744841115910471793?ref_src=twsrc%5Etfw">January 9, 2024</a>
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Others, however, dug deeper into the incident. “Gary never said the SEC’s account was compromised by an external hacker,” Jameson Lopp pointed out. “It could have been compromised by internal incompetence.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Gary never said the SEC's account was compromised by an external hacker. 
 It could have been compromised by internal incompetence. 
 — Jameson Lopp (@lopp) <a href="https://twitter.com/lopp/status/1744862139909554269?ref_src=twsrc%5Etfw">January 9, 2024</a>
</blockquote> 
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Indeed, the question on everyone’s mind seems to be whether the post was truly a hack, a social media intern’s blunder, or an orchestrated attempt by the SEC to delay a decision on spot bitcoin ETFs. 
The SEC’s uncharacteristically coordinated and swift response to the post raised skepticism from observers.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/hacker-exploited-sec-chairs-phone-number-to-post-fake-spot-btc-etf-approval-x/" aria-label="“Hacker Exploited SEC Chair’s Phone Number To Post Fake Spot BTC ETF Approval: X” (Edit)">Hacker Exploited SEC Chair’s Phone Number To Post Fake Spot BTC ETF Approval: X</a> 
“I am no cybersecurity expert, but it seems almost impossible to notice a bad tweet from an org account, tweet from the chair’s account to correct it, then recover a hacked social media account, then tweet about the incident and respond to it from the hacked account, all in a few minutes…” VanEck advisor Gabor Gurbacs wrote. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 I am no cybersecurity expert, but it seems almost impossible to notice a bad tweet from org account, tweet from the chair's account to correct it, then recover a hacked social media account, then tweet about incident and response to it from hacked account, all in a few minutes… 
 — Gabor Gurbacs (@gaborgurbacs) <a href="https://twitter.com/gaborgurbacs/status/1744843201209413967?ref_src=twsrc%5Etfw">January 9, 2024</a>
</blockquote> 
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“What if this is an inside job? Is the only way to stop or delay a Bitcoin ETF to create an event like this?” he added. 
On the other hand, some evidence strongly supports the theory that the SEC’s account was hacked by a bitcoin fan.&nbsp; 
Right before the post, the SEC tweeted “$BTC” and quickly deleted it. The account’s liked posts showed it had engaged with two posts that aren’t associated with the SEC, another uncharacteristic move. 
<figure id="attachment_62074" aria-describedby="caption-attachment-62074" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-62074" src="https://bitcoinworld.co.in/wp-content/uploads/SEC-Posted-BTC-474x300.jpg" alt="" width="596" height="377" srcset="https://bitcoinworld.co.in/wp-content/uploads/SEC-Posted-BTC-474x300.jpg 474w, https://bitcoinworld.co.in/wp-content/uploads/SEC-Posted-BTC.jpg 687w" sizes="(max-width: 596px) 100vw, 596px">
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 SEC Posted $BTC
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&nbsp; 
Further, details of the post itself indicate that it was unlikely to have been a scheduled post that a hacker found and decided to publish.&nbsp; 
Users pointed to the unusual use of #Bitcoin in the messaging. It was noted that the attached image doesn’t align with design standards in previous media, such as a missing logo and lack of capitalization. 
The SEC’s odd post has provided crypto enthusiasts with another compelling whodunnit just days into 2024.&nbsp; 
The commission maintains that its staff had zero involvement with the incident, and has yet to make a formal decision on a spot bitcoin ETF. 
The post <a href="https://bitcoinworld.co.in/fake-spot-bitcoin-etf-approval-post-on-secs-x-account-hack-or-inside-job/">Fake Spot Bitcoin ETF Approval Post On SEC’s X Account, Hack Or Inside Job?</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Fake Spot Bitcoin ETF Approval Post On SEC’s X Account, Hack Or Inside Job?

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