Ahmet Bedirhan Arvas 
While approval for Bitcoin spot ETF applications by the U.S. regulatory agency SEC was expected, a mistake caused manipulation in the crypto market. SEC’s official Twitter account was hacked, announcing the approval of Bitcoin spot ETFs, but this information was later denied due to the hacking.
Confirming the incident by stating that SEC’s account was also hacked, following SEC Chairman Gary Gensler’s post, crypto investors criticized the agency for not being able to secure its own account despite claiming to protect investors.
Bloomberg ETF analyst James Seyffart noted that the tweet was an expected event and emphasized that Gensler should take responsibility. Another ETF analyst, Eric Balchunas, pointed out that a planned tweet might have been shared with the wrong date.
Michael Saylor approached the issue with humor, stating that Bitcoin spot ETFs would be an asset approved twice.
From the crypto community to U.S. senators, everyone expressed their reactions to SEC and Chairman Gary Gensler on Twitter. Senator Bill Hagerty said in his post, “Just as the SEC demands accountability from a public company for making a massive mistake that affects markets, Congress needs answers to what just happened. This is unacceptable.”
In response to the incident, SEC, in a statement to Bloomberg, said that the Bitcoin ETF post was not made by its own staff. Nevertheless, numerous lawsuits against the regulatory body are expected.
SEC, which previously claimed that cryptocurrencies had a harmful structure, damaged its reputation in the industry this time with its own erroneous tweet. The final decision on Bitcoin spot ETFs from the SEC is expected on January 10, but it is not yet known what the decision will be.