Eric Council Jr., the alleged hacker who compromised the SEC’s X account to post a phony message about Bitcoin ETF approvals, faces a proposed forfeiture order of $50,000. This amount corresponds to earnings gained from the fake post made in January 2024. US authorities filed this plea agreement on February 9, 2025, where Council is expected to plead guilty to conspiracy charges involving identity theft and access device fraud. The SIM swap hack allowed him and his associates to temporarily take over the SEC's account, posting a misleading announcement featuring then-SEC Chair Gary Gensler. The price of Bitcoin surged by over $1,000 following the fake post, only to be retracted within 24 hours. Council remains free on a personal recognizance bond while details regarding his court appearance for sentencing are still pending. If the judge approves the forfeiture, Council may also face a minimum of two years in prison for his actions.

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