An Alabama man has pled responsible to hacking the U.S. Securities and Trade Fee’s (SEC) X account final 12 months and faces as much as 5 years in jail.
In January 2024, Eric Council Jr., 25, conspired with others to commandeer the SEC’s X account and prematurely announce the approval of spot Bitcoin (BTC) exchange-traded funds (ETF) within the US, in keeping with the Department of Justice (DOJ).
The pretend ETF announcement precipitated the value of Bitcoin to extend by greater than $1,000 after which drop by greater than $2,000 after the SEC regained management of its X account and declared the assertion to be unauthorized and the results of a safety breach. The regulator legitimately greenlit spot Bitcoin ETFs quickly after the safety incident.
The DOJ alleges Council carried out the hack via an unauthorized SIM swap, which entails fraudulently persuading a cellphone provider to reassign one other particular person’s contact quantity to a SIM card managed by a foul actor.
Council was paid in Bitcoin to make use of the stolen id of an individual who had entry to the SEC’s X account, after which the DOJ alleges that his co-conspirators made the fraudulent submit.
The Alabama man pled responsible to conspiracy to commit aggravated id theft and entry machine fraud and is scheduled to be sentenced in Could. He faces as much as 5 years in jail.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any losses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney
