Eric Council Jr., a 25-year-old from Alabama, has pleaded guilty to his role in the January 2024 hacking of the SEC’s X account, which led to a fake BTC ETF approval announcement. The false post briefly spiked Bitcoin’s price by over $1,000 before the SEC regained control and corrected the information. The hack was executed via a SIM swap scheme, and Council received Bitcoin payments for his role.
Key Points:
- Hackers seized SEC’s X account and falsely announced BTC ETF approval.
- Bitcoin surged by over $1,000, then dropped $2,000 after correction.
- Council executed a SIM swap to hijack the SEC’s account.
- Used fake ID to impersonate a victim and take control of their phone number.
- Received Bitcoin payments for facilitating the hack.
- Pleaded guilty to identity theft and fraud—faces up to five years in prison.
Short Case Narrative:
In a shocking breach of financial cybersecurity, Alabama resident Eric Council Jr. has admitted to hacking the SEC’s X account in a fraudulent Bitcoin market manipulation scheme. The January 2024 incident briefly sent Bitcoin soaring, as traders reacted to a fake SEC announcement about BTC ETF approval.
Council, working with unknown co-conspirators, carried out a SIM swap attack, hijacking a victim’s phone number to gain access to the SEC’s social media. Once inside, they posted under the SEC Chairman’s name, misleading the market. Council was paid in Bitcoin for his role in the cyberattack.
The SEC quickly regained control and debunked the post, but not before Bitcoin saw a wild price swing of over $3,000—highlighting the fragility of crypto markets to misinformation and cyber threats. Council is now awaiting sentencing, facing up to five years in prison.
Actionable Insight:
This case exposes the vulnerability of financial institutions to social engineering attacks. It also underscores the market’s susceptibility to misinformation, especially in the highly volatile crypto space. Regulators and exchanges must enhance cybersecurity measures to prevent future market manipulation via account takeovers.
Call for Information:
Who were Council’s co-conspirators? Did anyone profit from the Bitcoin price spike following the hack? FinTelegram is investigating! Share tips confidentially.
