FBI and SEC Join Forces to Elucidate Veracity of Compromised Bitcoin ETF Tweet

• The collaboration between the SEC and the FBI underscores the seriousness of the investigation into the compromised tweet, reinforcing financial security.

• The SEC emphasizes the importance of verifying financial information through official channels to prevent misunderstandings.

The US SEC has unveiled that it is working closely with the Federal Bureau of Investigation (FBI) to probe a compromising tweet issued on January 9. Although approval of a bitcoin exchange-traded fund may be in the works, the SEC emphasized that the tweet, which claimed that the commission had given the green light to bitcoin exchange-traded funds (ETFs) in the United States, was “unauthorized” and did not come from its officials.

In a statement issued on January 10, the SEC claimed that Chairman Gary Gensler confirmed that the SEC’s official account had been “compromised” by an unidentified party. The commission plans to conduct a joint investigation with the FBI and the commission’s Office of Inspector General to clarify the details of the incident. It also warned the public that any official announcements regarding the listing and trading of a spot Bitcoin ETF would be posted exclusively on its website.

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.

— Gary Gensler (@GaryGensler) January 9, 2024

As of Jan. 10, several spot BTC ETFs, including those from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton, had received approval from the regulator to be listed on U.S. exchanges.

Following the approval, Gary Gensler issued a statement making it clear that the Commission was “not approving or endorsing” bitcoin, but only the exchange-listed products. This step reaffirms the SEC’s focus on the regulation and oversight of cryptocurrency-linked financial products. How will this investigation impact public confidence regarding future regulatory statements?

The SEC, by disclosing the collaboration with the FBI, seeks to convey a message of seriousness and determination in investigating what it considers an attack on the integrity of official financial reporting.

The joint investigation with the FBI reflects the seriousness with which it takes fraudulent actions that seek to manipulate or distort financial information that can have a significant impact on the markets.

The SEC stresses that the tweet in question did not come from official commission sources and underscores its commitment to ensuring that relevant and official information is disclosed in a transparent manner through its established channels, primarily its website .

This approach seeks to reassure investors and the general public, emphasizing the importance of verifying the authenticity of information sources, especially in the financial and regulatory arena.

The SEC’s clarification of the unauthorization of the tweet and its emphasis on the lack of redaction or creation by commission officials seek to disassociate the institution from any misunderstanding or misinformation that may have been disseminated through the compromised tweet .

The collaboration between the SEC and FBI in the investigation underscores the seriousness of the incident and the authorities’ commitment to addressing any potential threat to the integrity of the financial system and public confidence.

As forthe impact on the cryptocurrency industry, the SEC may take additional steps to strengthen the security and authenticity of its communications, possibly implementing new identity verification or security measures on its disclosure platforms.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.