The 25-year-old Alabama resident hacked into the SEC's account and claimed the bitcoin ETF had been approved.
October 17, 2024
Reading time: 2 minutes
According to the indictment, Council used stolen personal information to create a fake ID. Source: Pixabay.
He is charged with conspiring to commit aggravated identity theft and access device fraud.
That day, Bitcoin soared and rose $1,000, but then corrected and lost $2,000.
The FBI today announced the arrest of 25-year-old Eric Council Jr. in Athens, Alabama, for his alleged role in hacking the U.S. Securities and Exchange Commission (SEC) account on X, formerly known as Twitter. This incident, which occurred in January 2024, led to a false announcement that caused the value of bitcoin (BTC) to increase by $1,000.
Council is charged with conspiracy to commit aggravated identity theft and access device fraud. The indictment details that on January 9, 2024, Council, along with co-conspirators, took control of the @SECGov account on X and posted a false message on behalf of the agencyâs chairman, Gary Gensler, claiming approval of a bitcoin exchange-traded fund (ETF).
This false announcement caused an immediate rise in the price of BTC. The SEC quickly regained control of its account and denied the information, as reported by CriptoNoticias, which led to a subsequent drop of more than USD 2,000 per bitcoin.
The hacking method used was SIM swapping, a technique where attackers manage to reassign a victim's phone number to a device they control. This allows them to bypass two-factor authentication, thereby gaining access to sensitive accounts.
The Window
Receive a compilation of trending news from the last 7 days.
SUBSCRIBE
You can unsubscribe at any time. For more details, review our Privacy Policy.
According to the indictment, Council used stolen personal information to create a fake ID, which he used to obtain a new SIM card and iPhone, which he used to access the SEC's account at X.
FBI Acting Special Agent in Charge David Geist commented on the case: âThe FBI works to identify, disrupt, and investigate cyber fraud, including SIM swapping. This method is exploited by criminals to access sensitive information and perpetrate crimes like the one Council attempted, manipulating the global financial market.â
The fake announcement not only affected the cryptocurrency market, but also highlighted the vulnerability of official social media accounts of government entities.
Council is expected to make his initial appearance today in the Northern District of Alabama. According to the FBI, the prosecution is being led by Assistant U.S. Attorney Kevin Rosenberg and Justice Department Trial Attorneys Ashley Pungello and Paul Zebb of the Computer Crime and Intellectual Property Section, and Lauren Archer of the Fraud Section.
This article was created using artificial intelligence and edited by a human on the editorial staff.
Etiquetas: #ETFvsBTC #EstadosUnidos #ETFsApproval #ETFsâ
Do you have key information for our reporters? Get in touch
Subscribe to @Anfelia_Investment newsletters
Stay informed about the latest developments in the world of cryptocurrencies.
SUBSCRIBE
Advertising
The latest
Worldcoin rebrands as âWorldâ and launches second generation iris scanners
October 17, 2024
How will USDT boost the price of bitcoin?
October 17, 2024
$USDT
