EddieJayonCrypto
10 Jan 24
The U.S. Securities and Exchange Commission denied approving bitcoin ETF applications after a false tweet from its compromised X account. An unauthorized party accessed the account, leading to an investigation by the SEC and law enforcement. SEC Chair Gary Gensler confirmed the lack of approval on h...
The U.S. Securities and Exchange Commission denied approving bitcoin ETF applications after a false tweet from its compromised X account. An unauthorized party accessed the account, leading to an investigation by the SEC and law enforcement. SEC Chair Gary Gensler confirmed the lack of approval on his personal X account. The false tweet caused a spike and subsequent drop in Bitcoin's price, wiping out over $50 million of leveraged derivatives trading positions within an hour.
The SEC's confirmation comes after their X (formerly Twitter) account briefly stated otherwise. The unauthorized tweet led to an investigation by the SEC and law enforcement, with the SEC Chair confirming the lack of approval on his personal X account. The false tweet caused a spike and subsequent drop in Bitcoin's price, with over $50 million of leveraged derivatives trading positions wiped out within an hour. The U.S. Securities and Exchange Commission is expected to approve spot bitcoin ETF applications, with any approval to appear in the agency's EDGAR database. The compromised SECgov X account had tweeted about granting approval for Bitcoin ETFs, causing a temporary price spike followed by a significant drop. The volatile period wiped out over $50 million of leveraged derivatives trading positions.
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