An Alabama man, Eric Council Jr., was sentenced to 14 months in prison for his role in hacking the SEC’s X account. In January 2024, he participated in a SIM swap attack to gain unauthorized access to the account, after which co-conspirators posted a fake announcement claiming the approval of Bitcoin ETFs, leading to a temporary increase in Bitcoin’s price. Council used a fake ID to obtain a replacement SIM card linked to the SEC's account. The FBI later found a laptop in his possession with internet searches related to FBI investigations. Following the hack, SEC Chairman Gary Gensler confirmed the breach, resulting in Bitcoin's price declining after its brief rise. In addition to his prison term, Council must forfeit $50,000 and will be subject to three years of supervised release, with specific restrictions to prevent further identity fraud.

Source 🔗