Eric Council Jr. could go to prison for two years for hacking the U.S. Securities and Exchange Commission’s (SEC) X account in January 2024. He used a method called a SIM swap to hack the account. This let him access the SEC’s account, leading to a fake post that caused chaos in crypto markets.
The hack led to false announcements on the SEC’s X account claiming that the spot Bitcoin exchange-traded fund (ETF) has been approved. This announcement has caused massive market fluctuations.
After that false announcement, Bitcoin’s price jumped by $1,000 before plummeting nearly $2,000, wiping out tens of millions in market positions. The fake post got over 1 million views before the SEC clarified that it was a breach 15 minutes later.
As per the reports, the hacker looked up online whether the FBI was investigating him and how to delete his Telegram account. The evidence was found by prosecutors after they searched his house, car, and devices in June 2024, as noted in a court document from May 12, 2025.
Even though the Council set his Telegram chats to delete after two weeks, prosecutors still found messages where he talked about SIM swap hacks with people likely living outside the U.S.
The council executed the hack by creating fake identity documents to impersonate an SEC account holder and tricking an AT&T worker into reassigning the victim’s phone number to his SIM card.
Using a newly purchased iPhone, he shared access codes with overseas co-conspirators who posted the misleading ETF news on January 9. Operating under the Telegram username “easymunny,” the hacker has received payment in Bitcoin and other cryptocurrencies. He admitted that he had earned $50,000 from SIM swaps between January and June 2024, charging $1,200–$1,500 per job.
He was caught by police on June 12, 2024, when he was trying to attempt another SIM swap at an Apple store. Six days later, an executed search warrant uncovered fake ID templates and incriminating Telegram chats, despite the council’s attempts to delete them.
He had also searched online for signs of FBI investigations. Council pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud on February 10, following an October 2024 indictment.
The SEC’s X account lacked two-factor authentication (2FA) at the time, a vulnerability exacerbated when X Support removed 2FA after an SEC staff request. Prosecutors are pushing for the two-year sentence, citing the hack’s severe market impact.
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