SEC and Twitter Launch Investigations Following Fake Bitcoin ETF Tweet

Twitter Chaos Triggers Investigations

A fraudulent Twitter post, causing upheaval in the crypto and financial markets, prompts inquiries from both the Securities and Exchange Commission (SEC) and Twitter.

Unauthorized Account Access

The SEC confirmed unauthorized access to its @SECGov x.com account after 4 pm ET, swiftly terminating the breach. The commission vows collaboration with law enforcement and government partners to investigate the breach and associated misconduct.

Chair's Clarification and Market Impact

Chair Gary Gensler responded, clarifying the SEC's non-approval of spot Bitcoin exchange-traded products, countering the misleading tweet. The incident, occurring close to the anticipated Wednesday decision deadline, caused a temporary decline in Bitcoin's value.

Repercussions and Twitter's Response

The deleted fake tweet's impact lingered, prompting queries about the SEC's stance on cryptocurrency manipulation. Twitter, parallelly, engages in its investigation into the matter, as reported by crypto influencer Walter Bloomberg.

Silence from Key Figures

Notably, despite being an active user, Twitter owner Elon Musk hasn't commented on the controversy. Instead, he has focused on unrelated topics like immigration, election integrity, and exclusive content partnerships on X platform with hosts Don Lemon, Jim Rome, and Tulsi Gabbard.