Ark Invest CEO Cathie Wood has responded to a hacker who posted an endorsement for a Spot Bitcoin ETF on “The Claman Countdown.”
Industry expert Cathie Wood commented on Securities and Exchange Commission (SEC) Chairman Gary Gensler's erroneous post about X that disrupted Bitcoin prices and caused confusion for investors.
“I was actually doing an interview and I pulled up the tweet, and the first thing I saw was the Bitcoin logo on the SEC tweet. And I said, that’s weird.” Investment's CEO spoke on “The Craman Countdown” on Wednesday. “The next thing I saw was a picture of Gary Gensler smiling. It seemed detached to me.”
“Around the same time, I was with Ophelia, my partner at 21Shares, and she was getting word from the CBOE that it looked like it was real, or something was about to break. But it turned out to be a hoax,” or a hack. ”
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SEC
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” @SECGov X account has been compromised and fraudulent posts have been posted. “The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products,” the post said.
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The latest scam comes as investors await the SEC's decision on as many as 10 Bitcoin ETF applications, including Ark. Wood's Ark Investment Management partnered with 21Shares to become the first firm to seek SEC approval for a spot Bitcoin ETF.
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Sens. J.D. Vance, R-Ohio, and Thom Tillis, R-R.N., harshly criticized the SEC for fraudulent postings in a scathing letter Wednesday. The fake news caused the price of Bitcoin to skyrocket, and when the SEC retracted its announcement and announced that the X account had been “compromised,” the cryptocurrency's price plummeted.
Company X's corporate security account announced Wednesday that its SEC account had not been hacked. According to Safety Accounts, the Bitcoin posts were simply the result of employees not using two-factor authentication to access their accounts.
Cathie Wood, CEO and Chief Investment Officer of Ark Invest, speaks at the Milken Institute Global Conference on May 2, 2022 in Beverly Hills, California. (Patrick T. Fallon/AFP via Getty Images/Getty Images)
As investors await the SEC's decision on Bitcoin ETFs, Wood affirmed his position that cryptocurrencies are a “public good” and a “new asset class.” She also called for “democratized access to innovation.”
“When we say the public good, we are essentially talking about a financial superhighway, and we are not thinking about maximizing profits through this. “We have other funds that are actively being managed to meet the needs of the public and we want to ensure that this is 'accessible',” she explained.
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“The democratization that we set out to offer our clients is democratized access to innovation, both in the public markets, in pure innovation funds, and now in private market ventures. It's an extension of that, it's democratization, it's access. We think that's going to be one of the most important assets in history. ”
FOX Business' Chris Pandolfo, Suzanne O'Halloran, Eleanor Terrett and Charlie Gasparino contributed to this report.
