Gary Gensler's Fake ETF Tweet Immortalized as an Ordinals NFT on Bitcoin Blockchain

Tweet Immortalized on Bitcoin Blockchain

A fake tweet by U.S. SEC Commissioner Gary Gensler, confirming the compromise of the SEC's account regarding Bitcoin ETF approval, has been permanently preserved as an Ordinals Inscription on the Bitcoin blockchain by digital artist Billy Restey.

Twitter Deception and Bitcoin Price Impact

The deceptive tweet from the official SEC account falsely announced the approval of thirteen spot Bitcoin ETFs, causing Bitcoin's price to plummet from $47,680 to around $45,500. The specific tweet, attributed to Restey, was numbered as inscription 53,995,422 within the Ordinals protocol.

Ordinal Inscriptions and Bitcoin Protocol Updates

Ordinal inscriptions, akin to Ethereum-based NFTs, utilize Bitcoin's protocol advancements like Taproot. Enthusiasts have archived various content, including images, text, and even video games like the original Doom, on the Bitcoin blockchain.

SEC Denies Involvement, Waiting on ETF Approval

Despite speculation about an intern's error, an SEC spokesperson clarified that the agency or its staff did not issue the tweet. The incident occurs amidst anticipation for the SEC's decision on numerous Bitcoin ETF proposals, with potential trading commencement suggested by VanEck CEO Jan van Eck as early as Thursday.

Post-Hack Response and Investor Warnings

Following the compromise, Gensler took to Twitter, emphasizing the significance of securing accounts. His previous tweets cautioned investors about the risks associated with scams in the crypto realm, including fraudulent schemes targeting retail investors and wallet theft.

The incident underscores the ongoing anxieties surrounding potential ETF approvals and the vulnerability of the digital space to fraudulent activities targeting