An Alabama man has been arrested and charged in connection with the January hacking of the Securities and Exchange Commission’s (SEC) social media account on X (formerly Twitter).
Eric Council Jr., 25, of Athens, Alabama, allegedly participated in a scheme to gain unauthorized control of the SEC’s X account and post a false announcement regarding the approval of Bitcoin Exchange Traded Funds (ETFs). This fraudulent post, made in the name of SEC Chair Gary Gensler, caused significant fluctuations in the price of Bitcoin.
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According to court documents, Council and his co-conspirators allegedly used a SIM swap to hijack the phone number of an individual with access to the SEC’s X account. By impersonating the victim and creating a fake ID, they were able to gain control of the account and disseminate the false information.
This manipulation of the SEC’s account and the subsequent false announcement had a significant impact on the cryptocurrency market, causing the price of Bitcoin to initially surge by over $1,000 and then plummet by more than $2,000.
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Council is charged with conspiracy to commit aggravated identity theft and access device fraud, which carries a maximum penalty of five years in prison. The FBI and the SEC Office of Inspector General are investigating the case.
This case highlights the increasing threat of cybercrime and its potential to disrupt financial markets. Authorities emphasized their commitment to pursuing and prosecuting individuals who engage in such illegal activities.
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