VanEck Advisor Label SEC’s Fake Confirmation Post as ‘Insider Job’
Gabor Gurbacs, Strategy Advisor for Bitcoin ETF candidate VanEck, recently made a shocking statement about the US Securities and Exchange Commission (SEC) fake approval post, calling it an “inside job,” citing loopholes that emerged in the wake of the incident. Additionally, some other crypto critics also support this claim.
Also Read: Bitcoin Crash in Fake ETF Approval News Leads to Market Manipulation
Does SEC Want to Delay Bitcoin ETF Approval?
In a post on X, Gurbacs highlighted that the fake post was a strategy to delay the SEC’s approval of the Spot Bitcoin ETF. However, VanEck counsel also stated that it believes the incident should not impact the deadline. In addition, he also offered the possibility of an “early release” of the post as he believes the regulator will eventually greenlight Bitcoin ETFs.
He also said in another post that it was suspicious that the entire incident could be compressed into a few minutes. Gurbacs wrote: “I’m not a cybersecurity expert, but noticing a bad tweet from the establishment account, tweeting from the president’s account to fix it, then recovering a hacked social media account, then tweeting about the incident and reacting to the incident Seems almost impossible. My account was hacked, all in a few minutes.”
Additionally, X crypto analyst BitQuant stated that SEC Chairman Gary Gensler should have remained silent on the incident. The analyst noted that showing the world how vulnerable they are would do no good. Moreover, he said, the move would reduce their credibility, which “takes years to build and seconds to lose.” He added that regulators “chose to sacrifice their credibility for the sake of 5-minute internal trading and profit.”
X Clarifies the Subject
X’s Security wing recently clarified the issue and stated that the SEC’s account was indeed compromised. “This compromise did not result from any breach of X’s systems, but rather resulted from an unidentified individual gaining control of a phone number associated with the @SECGov account through a third party,” the post said.
He added: “We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised.” However, this has raised other questions about why the SEC, which is responsible for protecting investors from potential scams and regulating the crypto space, cannot enable 2FA on investors’ accounts. It is also suspicious that a third party could easily access the phone number associated with the SEC’s account X.
Also Read: False SEC Approval Warning – Spot Bitcoin ETF Decision Still Pending
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