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Ripple CTO Jests at SEC After Regulator Loses Twitter Handle to Hackers

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Wed, 10/01/2024 - 10:41
Ripple CTO Jests at SEC After Regulator Loses Twitter Handle to Hackers
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David Schwartz, the chief technology officer at Ripple Labs fintech behemoth, has taken to X/Twitter to address the recent explosive news about the SEC's Twitter account getting compromised by anonymous hackers.

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The cyber criminals falsely stated that the Securities and Exchange Commission had given the green light to multiple issuers.

Ripple CTO makes sad joke about SEC

David Schwartz, one of the IT engineers who built the XRP Ledger, has commented on the recent breaking news about the SEC getting its Twitter account hijacked, and the hackers afterwards tweeting that the SEC had approved Bitcoin spot exchange-traded fund products.

SEC Chairman Gary Gensler took to Twitter to dispel that fake news, which first pushed the world’s flagship cryptocurrency Bitcoin up 3.63% briefly (reaching above $47,000) but then plummeted, leaving BTC to trade in the $45,500 zone.

In his tweet, the Ripple CTO posted screenshots of two of Gary Gensler’s tweets. The first one, dated Oct. 16 of last year, stated that the only actual source of information about the SEC and its decisions is the SEC. The second post was issued yesterday, as Gensler frantically tweeted that the Bitcoin ETF approval news was fake and the SEC account was compromised.

“How it started, how it’s going,” David Schwartz tweeted, commenting on those images.

According to CNBC, “an unknown party” had access to the SEC’s account for a short period only, and then the regulator’s team took back control of it, reacting quickly.

Related

Upcoming Bitcoin ETF decision fuels Bitcoin price

Over the past week, the Bitcoin community was heavily influenced by the time a Bitcoin spot ETF decision was drawing closer. Bloomberg analysts were expecting the regulator to issue approval on Jan. 10 for multiple companies simultaneously.

There are 11 Bitcoin spot ETF filings pending with the SEC now, including those by BlackRock, Ark Invest, Grayscale and Fidelity. These companies, expecting their ETFs to start trading soon, have begun to reduce their management fees for Bitcoin spot ETFs in order to make their products more attractive to potential customers.

Last week, Matrixport published an article, in which it laid out the reasons why it expected the regulator to reject Bitcoin ETFs for now, and the news made Bitcoin collapse by more than 7% instantly.

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