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Hello this is Matt on the moon Lambo Channel social media platform X formerly Twitter has completed a preliminary Investigation into the SEC debacle today In which the SEC as I'm assuming Everybody Knows by now uh the official SEC account on X posted that the spot Bitcoin ETF it had been approved of Course it had not been approved so there Have been a lot of questions was this an Inside job was the account hacked uh Given that the SEC regained control of The account in less than an hour like What does that even mean that is Admittedly pretty peculiar what is Actually going on so uh X they announced That they have uh done a completed a Preliminary investigation I'm going to Share with you in this video exactly What conclusions they came to and I can Tell you a little bit here at the outset So as to not tease too much but it does Seem as though there was a nefarious Party that uh took control of the Account so I know a lot of people still Think it's possible that it could be Some sort of inside job okay fine can't Rule anything out out uh but after this Investigation I'll just tell you here at The outset of the video uh that doesn't Seem to be the most probable uh Conclusion that that that you have Yourself we we'll see but before going Further I do want to be clear I do not
Have a financial background of any kind I'm not offering Financial advice and You definitely should not buy or sell Anything because of anything I say or Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun now first I want to quickly Run through this this article from coin Telegraph because it really properly Sets the table so you can see some of The bigger points that were being Discussed broadly in the world of crypto Um and then a title here is a Bitcoin Etf's false start hack or fat fingered SEC intern yeah because that's the other Thing it's a possibility that this could Have actually been a real post but it Was just drafted and intended to be Posted tomorrow it just posted early and So this article is just from several Hours ago anyway reads as follows the Question everyone wants to know right Now is was the SEC tweet earlier today Stating a Bitcoin ETF had been approved The result of a hack or was it an Official message that was accidentally Sent too early the SEC denied its staff Had any involvement in posting the Unauthorized tweet though some in the Crypto Community think otherwise on January 9th the official X formerly Twitter account of the SEC posted that It had granted approvals for Bitcoin
ETFs to be listed on all registered National Securities exchanges this Turned out to be false according to Statements from SEC chair Gary guinsler And the SEC the sec's account first Posted a single tweet that read dollar Sign BTC so that's of course the ticker Symbol uh it was deleted several minutes Later moments before the account posted The seemingly official announcement that Said a Bitcoin ETF had been Approved uh cim Ventures partner Adam Cochran said this chain of events Suggests that while the SEC was most Likely hacked the announcement uh post Could have also been legitimate and so You can see the post on the screen here That reads in part my guess is that the SEC account was both hacked and that the Treat the Tweet rather was real hacker First tweeted and then deleted just a Ticker then likely found the Tweet with The announcement graphic and guinsler Quote in the draft folder and piece Continues uh that said there are plenty Of competing uh theories with pundits on X arguing the post was likely the result Of carelessness on behalf of an SEC Employee While others claimed something More Sinister was at play Van EK adviser Gabri gerbo speculated that the high Level of Team coordination and rapid Response times from both the SEC and Guinsler suggested something suspicious
About this the announcement so that's What I was saying a couple minutes ago This is the part that was super weird to Me and even when I was trying to cover The news as it was roughly breaking uh Much earlier in today I was I I I Mentioned at the time I was like how the The hell is it that the account gets Compromised and then in less than an Hour it's back in control and they Deleted the uh the nefarious tweet like How does that happen and I saw somebody Else and I don't have it pulled up for This video but there's somebody else who Pulled up uh well he had been the victim Of a a type of like Sim swap attack Something some of that effect and he's Like it took me five months in 30 Support ticket requests to finally get My account back and here you have the SEC maybe it's just cuz it's the SEC but They actually got their account back That quickly so maybe it's because of uh The it's a government entity and so There was a greater Focus From the the Team over at X now obviously Elon Musk Oni next not exactly a big fan of the SEC but uh I think that that's why I I'm I'm just going to make an assumption he Rather enjoyed what I'm about to show You showing what happened because the Carelessness from the SEC is just Ridiculous but anyway gabri gerb wrote I Am no cyber security expert but it seems
Almost impossible to notice a bad tweet From or 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 and I say fair enough and to make this even More hilarious because the count it was Compromised by a third party look at This post from Gary ginzler this is his Official account on X October 24th 2023 It's had 1 million views reads as Follows and this is super funny this is A reminder to secure your financial Accounts as well as protect against Identity theft and fraud remember to and Then he's got three bullet points here Number one use strong passphrases or Passwords two set up multiactor Authentication that one turns that they Didn't do as you'll see in a second here And number three keep account alerts Turned On and so I I actually share that Earlier with just a bunch of laughy Emojis um here's another post July 29th 2018 from the official SEC account Keeping your password secure isn't the Only thing you need to do to prevent Yourself from becoming a victim of cyber Fraud well thanks you guys are clearly Wizards here oh my God this is Incredible to me so here is the update 9:28 p.m. and at the time I'm recording
This it is uh 10:10 p.m. Central Standard time so it has been 42 minutes Since this bad boy was uh well it says Last edited here so they changed Something small but it doesn't matter so Here's the post post from the official X Safety account all right reads as fils This explains what happened sort of Mostly we can confirm that the account SEC at SEC gov was compromised and we Have completed a preliminary Investigation based on our investigation The compromise was not due to any breach Of ex's systems but rather due to an Unidentified individual obtaining Control over a phone number associated With with the SEC at secg account uh Through a third party we can also Confirm that the account did not have Two Factor authentication enabled at the Time the account was compromised I love This oh my God these people are that Almost cursed so stupid they are so Stupid how awful is this and again I Just showed you Gary ginzer in October Months ago make sure you've got that Authentication stuff set up are you Kidding me They didn't do it they didn't do it These are what a bunch of these people Are incompetent these people are Freaking Incompetent and then they wrap up by Stating the following again this is X
Safety account on X we encourage all Users to enable this extra layer of Security more information and tips on How to sec how to keep your account Secure can be found in our help center They provide a link and I use tofa hell Yeah I use tofa because I'm not a damn Fool yes I use tofa Oh my God how is this real Life like this is an ex account for a Branch of like the not a for a federal Agency Like I'm sorry guys I'm just at a loss Here I just it's it's so like just Delicious you know what I'm Saying the incompetency through the roof Here oh my God these people are the Worst the absolute Worst oh man so then there was also this And this is funny this is a poll uh 5:03 P.m. uh central time that's my time zone And mind you the uh the nefarious post Uh claiming that there was a a spot Bitcoin ETF approved that was at 3:11 P.m. central Time so you're talking About a little less than two hours later There's this poll put out by Caitlyn Long now Caitlyn long well known in Crypto she's the founder and CEO of Custodia Bank and she wrote a poll if The errant tweet about the sec's ETF Approval indeed came from the sec's Twitter account and was a mistake rather
Than a hack and Elon Musk has the IP Address proof then given elon's history With the SEC how long do you think it Will take for Elon to publish said Proof so um you could respond either 1 Hour two hours 6 hours or 24 hours and Um you know I was actually the whole Time assuming that it was some sort of Nefarious third party that was just my Guess couldn't know for sure I mean yeah Weird stuff happens in life it could Have been some sort of Insider actually Doing something which technically is Still possible I admit that I just don't I don't think it's the most probable Thing but sure it's possible I thought Regardless uh whoever did it I thought That we'd probably have word sooner than Later and so I just responded with 6 Hours and I can't prove that I clicked That before knowing that that would be The case but that is is what I actually Guessed um and so then anyway Caitlyn Long updated this and wrote spectacular The correct answer was 6 hours turned Out it was an account takeover after all But Elon Musk no doubt relished in ex Announcing the SEC Twitter account had No 2fa OMG laughy Emoji which is the Correct response these people are Incompetent they are so stupid and they Are the worst humans out there they are The worst that Humanity has to offer my God these people are disgusting Pricks
Just doing nothing but trampling over Good honest hardworking people who are Trying to better their financial Positions in life just ruining stuff for All of us and they're so incompetent They don't even have tofa on their own Goddamn account you've got to be kidding Me it is too funny I mean it's Disgusting and terrible but you just got To laugh sometimes Right Whoa all right that's it for me I'm I'm Done for tonight this is my last video On YouTube for tonight I got to be done I got to go chill or something I got to Go think about something else how is This real life man so I'll get this Uploaded as quickly as I can but wow What a bunch of disgusting people so you Guys can tell me in the comments section Do you think that this was an inside job Despite this uh again I admit it's Possible I don't think that's the most Probable um is is there there some sort Of other intent if you got other Theories I'm willing to hear them but Them's the facts up to this point anyway I'm not a financial adviser you should Not buy or sell anything because of Anything I say or right that would be a Very very very bad idea until next time To the Moon Lambo
