Bitcoin dips 3% on false SEC spot Bitcoin ETF approval

Unknown hackers hijacked the X account of the United States Securities and Exchange Commission (SEC), posting a fake spot Bitcoin ETF approval message.

On Jan. 9, the SEC chair Gary Gensler debunked an announcement claiming spot Bitcoin ETFs were approved. The SEC’s official X account published the notice. However, Gensler warned that the page had been compromised and clarified that no spot Bitcoin ETF had been approved yet.

The @SECGov 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) January 9, 2024

This is not the first time hackers have misled crypto observers and the public amid fever-pitch anticipation for these products. In December, a fake XRP ETF was registered in Delaware and disguised to present BlackRock as the filer. BlackRock promptly dispelled the rumors, but not before XRP’s price skyrocketed 12% in 30 minutes.

Fake spot Bitcoin ETF approval from compromised SEC account | Source: X

The fake Bitcoin (BTC) ETF approval news garnered millions of views minutes after its release. BTC’s price also responded with a 3% price decline.

BTC price after fake spot Bitcoin ETF approval | Source: TradingView

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