Bitcoin ETF applicant VanEck‘s Strategy Advisor, Gabor Gurbacs, recently made a shocking statement about the U.S. Securities and Exchange Commission’s (SEC) fake approval post. He labeled it as an “inside job,” citing loopholes in the aftermath of the event. In addition, several other crypto critics have been supporting this claim.

Also Read: Bitcoin Whiplash on Bogus ETF Approval News Sparks Market Manipulation Memes

SEC Wants To Delay Bitcoin ETF Approval?

In a post on X, Gurbacs underscored the fake post as the SEC’s strategy to delay Spot Bitcoin ETF approval. However, the VanEck advisor also noted that he believes the event shouldn’t impact the deadline. In addition, he provided a possibility of the post being “published early” as he believes the regulatory body would eventually give a green light to Bitcoin ETFs.

Furthermore, in another post, he said it was suspicious that the entire event was wrapped up in a few minutes. Gurbacs wrote, “I am no cybersecurity expert, but it seems almost impossible to notice a bad tweet from org account, tweet from the chair’s account to correct it, then recover a hacked social media account, then tweet about incident and response to it from hacked account, all in a few minutes.”

Additionally, BitQuant, a crypto analyst on X, stated that SEC Chairman Gary Gensler should’ve stayed mum about the event. The analyst noted that showcasing to the world how vulnerable they are would be of no help. Moreover, he noted that this move will downgrade their credibility, which takes “years to build and seconds to lose.” He added that the regulators “chose to sacrifice their credibility for a 5-minute inside trade and profit.”

X Provides Clarity On The Matter

X’s Safety wing recently clarified the matter, stating that the SEC’s account was indeed compromised. The post stated, “The compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party.”

It added, “We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised.” However, this raised further questions as to why the SEC, which is responsible for protecting investors from potential frauds and regulating the crypto domain, failed to enable 2FA on their account. Moreover, it’s suspicious that a third party gained easy access to the phone number associated with the SEC’s X account.

Also Read: False SEC Approval Alert — Spot Bitcoin ETF Decision Still Pending

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