- Eric Council Jr. pleaded guilty to hacking the SEC’s X (formerly Twitter) account.
- The unauthorized post led to a $1,000 Bitcoin price surge before SEC regained control.
- Council faces up to five years in prison, with sentencing set for May 16.
Eric Council Jr., from Athens, Alabama, has owned up to his role in hacking the U.S. Securities and Exchange Commission’s social media account on X (formerly Twitter).
This cyberattack resulted in a fake post claiming the SEC had approved Bitcoin Exchange Traded Funds (ETFs), briefly sending Bitcoin prices skyward, jumping over $1,000 per token.
Elaborate Hack for Bitcoin Payday
Back in January 2024, the 25-year-old masterminded an elaborate attack with partners to target the SEC’s official X account. Council took advantage of the ETF excitement to announce the approval of the Bitcoin ETF, a much-awaited regulatory step.
While the fake post caused a quick spike in Bitcoin prices, the SEC acted fast to regain control of the account, set the record straight on the fraudulent announcement, and confirmed it was a hack. Even with the clarification, the market reacted hard, with Bitcoin prices plunging b…
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