Eric Council Jr., the hacker involved in breaching the SEC's account on X, reportedly made $50,000 from SIM swap attacks and sought information online on whether he was under FBI investigation. Following his hack, which resulted in a false announcement of a Bitcoin ETF approval that impacted market prices, Council attempted to delete incriminating messages on Telegram, yet evidence remained. He used fake identification to impersonate an individual connected to the SEC's account and managed to exploit AT&T into transferring a phone number to his SIM card. Council confessed to conducting SIM swaps for remuneration and was apprehended in June 2024 during another SIM swap attempt. The SEC incident caused Bitcoin's price to initially rise before plummeting due to market correction, highlighting vulnerabilities in the SEC's security measures at that time.

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