Fall in price of the world biggest cryptocurrency
How it happened
Then at 4:26 p.m., Gary Gensler, chair of the SEC, posted that the agency’s account had been compromised, resulting in an “unauthorized tweet.” An SEC spokesperson confirmed the hack in an emailed statement.
What SEC said
The regulator said in a statement that it would work with law enforcement to investigate the incident, the unauthorized access had been terminated, and that the post wasn’t made by the SEC or its staff. In a separate statement, Gensler clarified that no decision on ETFs had been made.
What is ETF Controversy
In the last few months, prices of Bitcoin have gone up based on the optimism that an SEC approval is on the cards. An announcement was widely expected this week, with major financial companies like BlackRock and Fidelity poised to launch the bitcoin products.
Q: What happened to the SEC on Tuesday?
A: The SEC faced a major cybersecurity incident, resulting in a fake post about Bitcoin ETF approval being sent from a compromised SEC account on Twitter.
Q: Who is Gary Gensler and how is he viewed in the cryptocurrency industry?
A: Gary Gensler is the chair of the SEC and is viewed as an enemy by some in the cryptocurrency industry due to his efforts to regulate the industry.
Q: How did the cyberattack affect the decision on Bitcoin ETFs?
A: The cyberattack threw the decision on Bitcoin ETFs into disarray, as traders had been speculating for weeks that the SEC could approve several of the products.