An Alabama man has pleaded guilty to hacking the U.S. Securities and Exchange Commission’s (SEC) X account to post a false announcement about Bitcoin ETFs.
Eric Council Jr., 25, admitted in a Washington, D.C., federal court that he conspired with others to take control of the SEC’s account on January 9, 2024. The fake post claimed the SEC had approved Bitcoin exchange-traded funds, briefly sending Bitcoin’s price soaring by over $1,000 before the agency debunked it.
Council used a SIM swap attack to gain access to the SEC-linked phone number. Prosecutors say he created a fake ID with stolen personal details to impersonate the victim and hijack their number. His co-conspirators then used the access to post the misleading tweet under the SEC chairman’s name.
Council, who used online aliases like “Ronin” and “Easymunny,” was arrested in October 2024. He pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud. He faces up to five years in prison at his sentencing on May 16.
Council agreed to surrender a $50,000 Bitcoin payment through his plea agreement after receiving the funds for his involvement in the fraudulent scheme. The attack occurred only days before the official SEC approval of Bitcoin ETFs, which created an intense situation for the cryptocurrency market.
The SEC managed to regain control of its account after the incident exposed security vulnerabilities within financial regulatory institutions.
Also Read: Jupiter’s X Account Hacked to Promote Fake $MEOW Tokens
