SEC Hacker Sentenced for False Bitcoin ETF Announcement
Eric Council Jr., 26, was sentenced to 14 months in prison and three years of supervised release for his role in the January 2024 hack of the U.S. Securities and Exchange Commission's (SEC) official X account. The Department of Justice (DOJ) announced the sentencing on Friday.
Council and his co-conspirators used a SIM swap attack to gain control of the SEC's X account. They falsely announced the approval of Bitcoin exchange-traded funds (ETFs). This misinformation caused a spike in Bitcoin's price before it subsequently dropped.
The SIM swap attack targeted the cell phone account of an individual with access to the SEC's X account. By taking control of the phone number, the hackers were able to reset the X account password and gain access.
The DOJ press release details the sentencing and the impact of the false Bitcoin ETF announcement. The incident highlights the vulnerability of social media accounts and the potential for market manipulation through online platforms.
Image: Screenshot of the fake SEC post published by hackers who took over the @SECGov X account on January 9, 2024.
Read more about the DOJ press release and the original TechCrunch article.
