On January 9, the US Securities and Exchange Commission (SEC) suffered a significant breach of cybersecurity and a loss of public confidence as a result of a social media account hack that led to a fake announcement about the approval of spot Bitcoin exchange-traded funds (ETFs).

For a short while, hackers gained access to the SEC's X account and released a statement purporting the organisation had approved the much anticipated products, which momentarily raised the price of Bitcoin. US officials launched a probe into the incident, and the SEC's cybersecurity and position on cryptocurrency came under fresh fire.

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