The crypto world is losing its mind over SEC’s X debacle

this X account Affiliated with the Securities and Exchange Commission Hacked On Tuesday, online postings about What the crypto world has been waiting for: the first Bitcoin ETFs. The announcement claimed that the ETF had been approved, but this turned out to be untrue. When it was discovered that the announcement was indeed fake, the web3 community was thrown into chaos.

On Many Bitcoin followers expressed doubts that the institution’s accounts were actually hacked and speculated that some kind of government conspiracy was behind the scenes. Others simply complained about the agency’s perceived incompetence.

Frankly, if the crypto community’s paranoia is a bit silly, their outrage is all the more understandable.The launch of the Bitcoin ETF has been a much-hyped event and was considered a key node For an industry that has been through a rough patch of late. It makes sense that people would be a little angry.

“It’s possible that someone at the SEC was too hasty when they announced this, and now they’re vigorously reneging on it. The message was too perfectly written to be the work of a hacker. This could have been a saved draft,” Speculate a widely watched Encrypted account on X.

“I’m no cybersecurity expert, but it seems almost impossible to notice an erroneous tweet from an organization’s account, correct it by tweeting from the chair’s account, then recover the hacked social media account, and then from the hacked account Tweet about incidents and responses, all within minutes” speculative A cryptocurrency user.

Edward Snowden, who is A bit of a crypto fanatic” shouted SEC Chairman Gary Gensler, Tweet: “Jesus, Gary, get your shit back to normal.”

Many distraught crypto enthusiasts turn to Elon Musk for help, seeking help from the platform’s billionaire owner “Check IP” address The poster’s information to verify whether the SEC’s account was indeed hacked. “I can not wait anymore @elonmusk Post a tweet to prove it @SECGov The account was not hacked, but it was hacked @garygensler Had a bad outcome but still had no repercussions,” An account tweeted. It is understood that Musk has not yet commented on the incident.

Frankly, it’s still unclear what happened to the SEC account.exist a statement The agency had only the following to say when sharing it with reporters:

The U.S. Securities and Exchange Commission (SEC) determined that there was unauthorized access and activity to the @SECGov x.com account by unknown parties for a short period of time shortly after 4:00 PM ET. The unauthorized access has been terminated. The SEC will work with law enforcement and our government partners to investigate this matter and determine appropriate next steps related to the unauthorized access and any related misconduct.

So, this is as clear as mud. It’s not unusual for the SEC’s accounts to be hacked; Twitter’s cybersecurity has historically been terrible.Of course, technically Twitter is now Use this access to promote cryptocurrency scams. All that said, the timing of the SEC incident — right before a major ruling — does make the whole thing seem a little weirder than usual. We don’t know exactly how the SEC account was accessed—and that’s the key part.

For weeks, people in the financial and cryptocurrency communities been looking forward to SEC approves Bitcoin ETF. These ETFs (ETFs for short) exchange traded funds), will make it easier for ordinary “ordinary people” to invest in Bitcoin. Users will be able to invest in assets using their regular brokerage accounts, such as Fidelity, rather than having to go through the more arcane process of cryptocurrency exchanges and cold storage. In short: This will make Bitcoin more like regular stocks.

Multiple brokerages and cryptocurrency companies, including financial giants Fidelity and BlackRock, have submitted applications to launch funds, and much of the financial industry had been expecting the SEC to give them the green light.It is worth noting that the U.S. Securities and Exchange Commission rejected All previous requests for Bitcoin ETFs. It’s unclear whether this time will prove to be an exception.

That’s pretty much the last thing cryptocurrencies need right now. Things are pretty serious in the decentralized web, and it’s not hard to see why.after The Long and Brutal “Cryptocurrency Winter” lag Bitcoin Enthusiasm, FTX Implosionconstantly upgraded federal crackdownand embarrassing The death of NFTs, the digital asset and its patrons really, really need a win. For a moment on Tuesday, it looked like Gensler was actually going to hand it to them.Then, appropriately, like some kind of perverse “carpet pull” Turns out, this was just another false promise in an industry rife with this type of behavior.