Wu said that the FBI arrested Eric Council Jr., a 25-year-old Alabama man, for participating in a hacking attack on the X account of the U.S. Securities and Exchange Commission (SEC) in January 2024. The incident led to the release of false news, claiming that the SEC approved the Bitcoin ETF, causing the price of Bitcoin to rise by $1,000 in a short period of time. The attack hacked into the SEC X account through a SIM card swap. Eric Council Jr. and his accomplices then released false news. The SEC quickly clarified that the news was caused by an unauthorized security vulnerability, and the price of Bitcoin subsequently fell by more than $2,000.