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The recent false story about the U.S. Securities and Exchange Commission (SEC) approving Bitcoin exchange-traded funds (ETFs) highlights the risks of misinformation in the digital age. This incident started with a misleading tweet from the SEC’s official account, which was quickly picked up by various news sources, including Cointelegraph, Blockworks, and Reuters.
On January 9, the SEC account posted a tweet falsely stating that Bitcoin ETFs had been approved for listing in the U.S. It included a fabricated photo and quote attributed to SEC Chair Gary Gensler. This post was online for several minutes before its removal.
Later, Gary Gensler clarified in a post that the SEC had not approved any such Bitcoin ETFs. This correction came after multiple news outlets had already reported the false information from the original tweet.
As of now, the details about who hacked the SEC’s Twitter account remain unknown. Shortly after the ‘hack’ BTC price went up 5% but went down shortly after the approval got denied.