Originally published on: October 17, 2024
A 25-year-old man from Athens, Alabama found himself in hot water after being arrested by the FBI for hacking into the Securities and Exchange Commission’s official X account. Eric Council Jr. faces charges of conspiracy to commit aggravated identity theft and access device fraud in connection with the incident.
The hacker, part of a group responsible for breaching the SEC’s X account in January 2024, posted a fake message claiming that the SEC had approved the first Bitcoin exchange-traded funds (ETFs) in the United States. This false announcement caused Bitcoin prices to surge by over $1,000, sending shockwaves through the markets.
After gaining control of the SEC account through a “SIM swap” attack, Council Jr. used the stolen information to produce a fake ID, acquire a SIM card, and access codes for the X account. In return for his involvement, he received payment in Bitcoin and later attempted to cover his tracks by returning the phone used in the crime.
Following the incident, the SEC swiftly approved the debut of 11 Bitcoin ETFs on Wall Street, totaling over $63.5 billion in assets under management. As authorities continue to investigate this case, stay up to date on the latest developments in the crypto industry by subscribing to our newsletter. Arm yourself with knowledge and make informed decisions for your crypto ventures.
