SEC's X account compromised to post fake spot bitcoin ETF approval

The Securities and Exchange Commission's X account was compromised to post a fake spot bitcoin ETF approval.

"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," said SEC Chair Gary Gensler.

The account had posted that the SEC had granted approval for listing bitcoin ETFs on all registered securities exchanges with an image showing a quote by Gensler.

"The SEC's @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff," a spokesperson for the SEC told The Block.

Despite the fake approval, it is widely expected that spot bitcoin ETFs will be approved on Wednesday with trading to begin the following day.

The price of bitcoin spike to $47,600 on the fake announcement before dropping to around $45,500 after the news was deemed fake.