A 25-year-old hacker admitted to orchestrating a scheme that involved taking control of the SEC's social media account and spreading false information about Bitcoin ETFs, causing a significant spike in the cryptocurrency's price.
Hacker Eric Council Jr. admitted his guilt on Monday to charges of conspiracy to commit aggravated identity theft and access device fraud stemming from his takeover of the Sec urities and Exchange Commission's ( SEC ) X account in January 2024. Council's actions triggered a significant surge in the value of Bitcoin.
After gaining control of the account, Council and his unnamed co-conspirators disseminated a manipulated image, message, and fabricated quote attributed to then-SEC Chairman Gary Gensler, falsely claiming that Bitcoin Exchange Traded Funds (ETFs) had been approved. This misinformation caused the price of Bitcoin to skyrocket by over $1,000.Council, a 25-year-old resident of Alabama, employed a SIM-swapping attack to divert the phone number linked to the @SEC account to an iPhone he had purchased. He then collaborated with others who had obtained personal information about an individual with access to the account. Using this information, Council fabricated an identification document and presented it to AT&T, successfully gaining control of the number. This allowed him to receive the account's recovery codes on his own device. Following Council's arrest, investigators discovered troubling internet searches he had conducted, including inquiries about the indicators of an ongoing law enforcement or FBI investigation, even in the absence of direct contact. Council is scheduled for sentencing on May 16th and faces a maximum prison term of five years. His co-conspirators, who compensated him in Bitcoin for his role in the scheme, are also under investigation
HACKING SEC BITCOIN IDENTITY THEFT PRICE MANIPULATION
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alabama Man Pleads Guilty in SEC X Account HackAn Alabama man admitted to conspiring with others to hack the SEC's X account and falsely claim approval of bitcoin ETFs, leading to a price surge in bitcoin before being corrected.
Read more »
Alabama Man Admits to Role in SEC Social Media Hack to Manipulate Bitcoin PriceEric Council Jr. pleaded guilty to an identity theft charge for his involvement in the January 2024 hack of the U.S. Securities and Exchange Commission's social media account. The hack aimed to artificially inflate the price of bitcoin by falsely announcing the approval of long-awaited bitcoin exchange-traded funds.
Read more »
Alabama Man Pleads Guilty to Hacking SEC's X Account, Triggering Bitcoin DropEric Council Jr. admitted to conspiracy to commit aggravated identity and access device fraud in connection with the January 9, 2024, takeover of the SEC's X account, causing a temporary sharp decline in Bitcoin's value. Council used a SIM swap scheme to gain access to the account and posted a false announcement about approved ETFs for Bitcoin trading, a highly anticipated market decision.
Read more »
Justin Bieber Addresses Account Hack After Unfollowing HaileyJustin Bieber denied hacking his own Instagram account after reports surfaced that he unfollowed Hailey Bieber. The singer took to Instagram to address the situation, stating that someone had accessed his account and unfollowed his wife. He has since re-followed Hailey and shared a heartfelt tribute to her.
Read more »
SEC X Account Hacker to Plead Guilty, Forfeit $50,000Eric Council Jr. used a fake ID to access a device with SEC account credentials and falsely posted that spot bitcoin ETFs had been approved, causing a brief surge in bitcoin's price.
Read more »
SEC vs. Ripple: Case Remains Active Despite Removal from SEC Litigation SectionThe ongoing legal battle between the Securities and Exchange Commission (SEC) and cryptocurrency firm Ripple has taken an intriguing turn. While the case appears to have been removed from the SEC's litigation section, it remains active on the appellate court's website, leading to speculation about its future. Legal experts are divided on whether the SEC will ultimately continue to appeal the case, with some anticipating a de-escalation due to the new administration's pro-crypto stance.
Read more »