Gary Gensler’s Fake Bitcoin ETF Approval Tweet Logged as Ordinals on Bitcoin Network

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After U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler confirmed that the regulator’s Twitter account had been compromised and used to falsely announce approval of a Bitcoin spot ETF, Gensler’s response was archived as Ordinals inscription.

“We need to remember that this tweet will live on Bitcoin forever,” anonymous digital artist Billy Restey wrote. tweet.

On Tuesday, the SEC’s official Twitter account announced that all 13 Bitcoin spot exchange-traded funds (ETFs) have been approved, but have not yet been approved. The tweet was subsequently exposed, causing the price of Bitcoin to drop from $47,900 to just over $44,701.

Since the protocol was launched last January, more than 53 million Ordinals have been created. Gensler’s tweet attributed to Restey – this is the second inscription 53,995,422.

Source: Billy Resty

Ordinal Inscriptions are often compared to NFTs on the Bitcoin blockchain Ethereum. Thanks to updates to the Bitcoin protocol like Taproot, enthusiasts have created everything from images and text to video games like the original Doom. On Monday, Ninjalerts announced that a Super Nintendo Entertainment System emulator has been integrated onto the Bitcoin blockchain.

While some speculated that an SEC “intern” sent the tweet in error, a spokesperson for the agency claimed that the tweet was not posted by the SEC or its staff.

The fake tweet comes as the financial world anxiously awaits whether the SEC will finally approve a Bitcoin spot ETF. More than 13 Bitcoin ETF proposals, including BlackRock, Fidelity, Bitwise and VanEck, are waiting for the green light to trade.

VanEck CEO Jan van Eck said that Bitcoin ETF trading could begin as early as Thursday.

After the hacking incident, the SEC chairman said on Twitter: remind Investors understand the importance of keeping their accounts safe.

As Bitcoin Magazine reported, Gensler’s tweet on Tuesday also echoed a post on Monday warning investors about the risks of fraud in the cryptocurrency world.

SEC Chairman said at the time:

“Scammers continue to exploit the growing popularity of cryptocurrencies to lure retail investors into committing scams,” highlighting scams targeting cryptocurrency investors, including pyramid and Ponzi schemes, as well as the theft of funds from wallets.