Bitcoin Market Rocked by SEC Twitter Hack

Bitcoin Market Rocked by SEC Twitter Hack

In a recent unsettling development, the U.S. Securities and Exchange Commission (SEC) has clarified that no spot Bitcoin ETF (Exchange-Traded Funds) applications have been approved, contrary to a misleading tweet from the SEC's official Twitter account. The SEC chair Gary Gensler confirmed the inaccuracy of this information, stating that the SEC's Twitter account had been compromised.

This false information led to a rapid increase in Bitcoin's price, followed by a sharp 6% drop, impacting traders worldwide. The resulting market turbulence triggered over $50 million in liquidations of leveraged derivative positions within an hour, according to CoinGlass data. This incident highlights the significant influence of regulatory news on cryptocurrency markets and the need for investors to verify information through reliable sources.

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VanEck, Bitwise Prepare $270M+ Ahead of Bitcoin ETF Approval

VanEck and Bitwise, two firms applying for spot bitcoin ETFs, have made significant initial investments in their respective funds. VanEck has seeded its potential ETF with $72.5 million, while Bitwise has seeded its fund with $500,000 and has also attracted a conditional $200 million interest from Pantera Capital. Moreover, BlackRock has invested $10 million in its potential ETF. 

These details are revealed in their updated S-1 forms. Additionally, the forms disclose fee structures, with some providers offering zero initial fees and low fixed fees thereafter. VanEck has also pledged 5% of potential profits to Bitcoin core developers at Brink, along with a $10,000 donation.

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X Cuts Gold Account Prices 80% Amid Crypto Scam Rise

X (formerly Twitter) has announced a significant price reduction for its gold check verification, decreasing it from $1,000 to $200 monthly. This decision follows a report from CloudSEK, a cybersecurity firm, revealing that scammers have been exploiting these verified accounts to conduct cryptocurrency scams. 

The scammers typically target X users with fake job offers and crypto-related frauds, often taking over inactive accounts and converting them into verified gold accounts for scamming purposes. This move by X is seen as an attempt to manage the misuse of its verification system while possibly aiming to increase its paid subscriber base.

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Solana Surpasses 2,500 Monthly Active Developers

The Solana Foundation recently reported over 2,500 monthly active developers on its network, indicating significant growth and developer retention, which increased by 50% in the last three months. However, Electric Capital’s Developer Report, using GitHub data, showed a lower count of 946 developers as of October 1, 2023, down from a December 2022 peak. In comparison, Ethereum had 5,769 developers at the same time. 

Alongside the rise in developer activity, Solana’s network and its native token, SOL, experienced substantial activity and price increases, briefly surpassing Binance’s BNB in market capitalization and outperforming Ethereum in 24-hour decentralized exchange volumes.

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Other breaking news

• BlackRock, VanEck Submit Revised S-1s for Bitcoin ETFs, Addressing Final Remarks
• Lazarus Group Moves $1.2M Bitcoin From Coin Mixer
• Standard Chartered Predicts Bitcoin May Reach $200K by Dec 2025
• As Bitcoin ETF Decision Nears, SEC’s Gensler Reiterates Crypto Risks
• GBTC Discount Hits 18-Month Low Amid Grayscale’s Lag in ETF Fee Competition

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