A 25-year-old man from Alabama was sentenced to over a year in prison for executing a SIM swap attack that compromised the SEC’s X social media account and impacted Bitcoin’s market value. The incident involved impersonation, unauthorized account access, and fraudulent postings to manipulate cryptocurrency prices.
Affected: SEC, Bitcoin market
Affected: SEC, Bitcoin market
Keypoints
- Eric Council Jr. orchestrated a SIM swap attack to access the SEC’s social media account on X.
- The fraud led to a false announcement about Bitcoin ETFs, causing significant market fluctuations.
- He used impersonation and identity theft techniques, including a government phone and SIM card cloning.
- Prosecutors stated he received $50,000 for executing the scheme, which resulted in illegal financial gains.
- Council was sentenced to 14 months in prison with supervised release and restrictions on future cyber-related crimes.
Read More: https://therecord.media/sec-social-media-hack-sentencing