According to BlockBeats, on October 17, the U.S. Department of Justice (DOJ) announced that the Federal Bureau of Investigation (FBI) has arrested an Alabama man in connection with a hacking incident targeting the U.S. Securities and Exchange Commission (SEC) in January 2024. This cyberattack had previously caused a significant spike in Bitcoin prices.

In January 2024, hackers released a false news report claiming that the SEC was expected to make an announcement regarding Bitcoin. This misinformation led to a rapid increase in the cryptocurrency's value. An SEC spokesperson confirmed to The Guardian that the unauthorized post on the @SECGov account was not drafted or created by the SEC.