- Eric Council Jr. was arrested for his role in a SIM swap attack to hack the SEC’s X account and manipulate Bitcoin prices.
- The hackers posted false information on the SEC’s X account, causing a temporary spike of $1,000 in Bitcoin's value.
- Federal authorities arrested Council and charged him with conspiracy to commit aggravated identity theft and access device fraud.
A 25-year-old man from Alabama was recently arrested for attempting to hack the U.S. Securities and Exchange Commission’s X account this year. Federal prosecutors pointed out that this was in line with an alleged fraud to control bitcoin prices artificially.
Fake Bitcoin Announcement
In January 2024, the hacker disclosed fake information in the @SECGov X account that the SEC had approved the Bitcoin ETF. This single fake notification helped boost the bitcoin price by $1,000. The SEC quickly dismissed the post as fake and reclaimed its account shortly after.
The hacking case suspect, Eric Council Jr. from Athens, Alabama, was apprehended Thursday morning. He has been charged with crimes such as conspiring to commit annoyed identity theft and accessing a device without authority. The authorities have accused the Council of involvement in the SIM swap attack, which enabled access to the SEC’s account.
Prosecutors claim that Council and his accomplices targeted an individual with access to the SEC account. They instructed him to switch the victim's phone to a new device, facilitating the hacking process. Following the fake announcement, the SEC experienced a sharp decline in bitcoin prices, dropping by over $2,000 shortly after the false news was rejected.
Council’s Digital Footprint
After the incident, Council conducted internet searches related to evading law enforcement, including phrases like “signs that the FBI is after you.” This online behavior raised additional suspicions about his involvement in the crime.
The U.S. Attorney's office expressed concern over the implications of such hacks on financial markets. They explained that SIM swapping schemes cause economic losses and leakage of critical data. The indictment indicates escalating attacks in the financial space, pointing to the dangers posed by Cyber criminals.
The authorities have been pursuing this case, especially the FBI, SEC’s Office of Inspector General, and other federal agencies. Law enforcement agencies are determined and will continue to pursue anyone who tries to manipulate the market through technology.
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