Man Who Hacked SEC's X Account to Pump Bitcoin Gets 14 Months in Prison
An Alabama man, Eric Council Jr., received a 14-month prison sentence for his involvement in a January 2024 SIM swap attack that hacked the SEC's X account. He pleaded guilty to conspiracy to commit aggravated identity theft. Council created a fake ID to obtain a replacement SIM card for the SEC's account, allowing him to access reset codes and share them with co-conspirators who falsely announced Bitcoin ETF approvals, manipulating Bitcoin's price. The FBI discovered searches on Council's laptop indicating awareness of potential investigation. Following the hack, Bitcoin's price briefly rose but fell after confirmation of the hack. The SEC later officially approved Bitcoin ETFs, leading to a significant price increase. Council must forfeit $50,000 and will face three years of supervised release with restrictions against accessing the dark web or committing identity fraud. U.S. Attorney Jeanine Pirro emphasized the threat posed by such schemes to market integrity and financial security.
