Ripple Executives Take Aim At SEC!

January 10, 2024 11:09 am Comments

By now, many have no doubt heard about the hack that impacted the Securities and Exchange Commission’s X social media page.

The SEC account was hacked and falsely announced that the long-awaited Bitcoin ETFs were finally approved.

Of course, this was not true and the ETFs are widely expected to be approved today.

The X Safety team confirmed that the SEC did not have two-factor security authentication protecting their account and hinted that this was the reason for the hack.

Sources claim that investors and traders lost an estimated $230 million due to hasty market moves following the false announcement.

Directly following the hack, SEC Chairman Gary Gensler had this to say: “The SEC.Gov 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.”

Cryptopolitan explained:

Recently adopted rules, introduced under Chairman Gensler’s leadership, require registrants to promptly disclose any material cybersecurity incident.

This disclosure must comprehensively describe the incident’s nature, scope, timing, and potential impact.

Importantly, registrants must make this disclosure within four business days of determining the incident’s significance.

Ripple co-founder and CEO Brad Garlinghouse wrote: “Days like this remind me that 1-the SEC should be investigating itself for multiple things 2-crypto Twitter remains undefeated in memes.”

Ripple’s Chief Legal Officer Stuart Alderoty stated: “Per *its own rules*, within 4 days the SEC should disclose the incident’s nature and scope, and the impact on the market along with a description of its processes for assessing, identifying, and preventing such cybersecurity threats.”

Crypto Globe outlined the market impact:

This announcement led to a significant reaction in the Bitcoin market, with the BTC price momentarily surging from around $46,605 to $47,886.

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