An Alabama man has pleaded guilty to his role in a cryptocurrency scam that involved hacking the U.S. Securities and Exchange Commission’s (SEC) social media account and manipulating the price of Bitcoin.
Eric Council Jr., 25, of Athens, Alabama, conspired with others to gain unauthorized access to the SEC’s X account (formerly Twitter) in January 2024. They fraudulently posted a message announcing the approval of Bitcoin Exchange Traded Funds (ETFs), causing a temporary surge in Bitcoin’s value.
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Council’s role in the scheme involved conducting a SIM swap, a technique where a fraudster convinces a cell phone carrier to reassign a phone number to a SIM card they control. He used a fake ID to impersonate a victim and gain access to their phone number, which was then used to access the SEC’s X account.
The fake announcement caused the price of Bitcoin to jump by over $1,000 per coin. However, the SEC quickly regained control of its account and exposed the fraudulent post, leading to a subsequent drop of more than $2,000 per Bitcoin.
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Council pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud. He faces a maximum penalty of five years in prison and is scheduled to be sentenced on May 16th.
This case was investigated by the FBI Washington Field Office and the SEC Office of Inspector General.
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