Fake Post Led To Big Spike In Bitcoin Value!

With the rise of technology and its consumption, we are facing a lot of troubles. Hacking is the big issue posed by the technology. Almost everything has become electronic which is vulnerable to hacking. No matter how many strict measures were taken, the hackers continue to pose a threat.

Hackers are not leaving anything and are hacking almost everything. From common people’s accounts to websites, hacking is posing a big threat. As an example of the threat posed by hacking even Bitcoin was not spared as the website was reportedly compromised.

The price of Bitcoin saw a few ups and downs due to an alleged hacking. It is said that the U.S. Securities and Exchange Commission’s X account was compromised and a false post was made on the Crypto Currency.

While hacking is a big issue the false pots that appeared on the account saying that the exchange-traded funds were given the approval for the Bitcoin was posted. This led to a few spikes in the price of the currency.

The post that came from the compromised SEC account led to a big jump in the value. As per the estimations, one Bitcoin is valued at around 48,000 dollars after an increase of 2,000 dollars. The post led to the rise of value at once.

Seeing this, U.S. Securities and Exchange Commission Chairman Gary Gensler reacted fast to clear the doubts. Taking to his social media account he said that the body’s Twitter account was compromised and that no approval was given to listing and trading of spot bitcoin exchange-traded products.

“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 said.

There is a big demand from many nations to take a call on Crypto Currency as there are many concerns around the currency. Amid this the account was compromised and a fake post was made.