Summary: Eric Council Jr. has pleaded guilty to charges linked to the January 2024 hacking of the U.S. Securities and Exchange Commission (SEC)’s X account, which resulted in a false announcement about Bitcoin ETFs that temporarily inflated Bitcoin’s price. The fraudulent post was part of a coordinated SIM swap scheme involving multiple conspirators. Council faces up to five years in prison, with sentencing scheduled for May 16.
Affected: U.S. Securities and Exchange Commission (SEC)
Keypoints :
- Council played a key role in the takeover of the SEC’s X account, leading to a fraudulent announcement regarding Bitcoin ETF approvals.
- The scheme involved sophisticated tactics, including a SIM swap operation and counterfeiting identification.
- Bitcoin’s price surged by over ,000 immediately post-announcement but dropped by more than ,000 after the SEC clarified the hoax.