Elon Musk, on Tuesday evening, took a jab at the Securities and Exchange Commission after the regulatory authority's account falsely tweeted about approving the Bitcoin (CRYPTO: BTC) Spot Exchange-Traded Funds (ETFs).
What happened: Musk had not remarked on Dogecoin (CRYPTO: DOGE) for an extended period before this incident.
In response to a post pondering the SEC's X password, Musk replied with "LFGDogeToTheMoon. It should be noted that "DogeToTheMoon" is a popular phrase in the cryptocurrency community that signifies the hope or belief among Dogecoin enthusiasts that the price of Dogecoin, which started as a meme-based cryptocurrency, will increase significantly.
Earlier on Tuesday, the compromised account had disseminated a tweet, complemented by a photo of SEC Chairman Gary Gensler, claiming the sanction of Bitcoin ETFs.
LFGDogeToTheMoon!!
— Elon Musk (@elonmusk) January 9, 2024
Why It Matters: The misleading message was accessible for around half an hour before it was retracted and substituted with a corrective message from the SEC.
The SEC acknowledged that its account on X experienced a security breach this Tuesday. "The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products."
Last December, crypto devotees might have felt a tinge of disappointment following a conversation hosted by X Spaces that featured Cathie Wood of Ark Funds and Musk. Addressing his engagement with cryptocurrencies, Musk disclosed, "I don't spend a lot of time thinking of cryptocurrency."
Price Action: At the time of writing, DOGE was trading at $0.080, down 0.04% in the last 24 hours, according to Benzinga Pro.
Image Via Shutterstock
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