A 25-year-old Alabama man has admitted to his function in the hacking of the U.S. Securities and Exchange Commission’s (SEC) X account. The cyberattack led to a false announcement about Bitcoin exchange-traded funds (ETFs), inflicting a short value surge.
Eric Council Jr Pleads Guilty in US SEC X Account Hack
According to a Bloomberg report, an Alabama man Eric Council Jr. has pleaded responsible to fees associated to the January 2024 SEC Bitcoin ETF hack. The case was heard in a Washington federal courtroom, the place Council admitted to conspiracy to commit aggravated identification theft and entry machine fraud.
The hack concerned posting a faux announcement on the SEC’s X account, previously Twitter, falsely stating that the company had authorized Bitcoin ETFs. The put up brought about Bitcoin’s value to rise sharply earlier than the SEC clarified that the data was false. The official approval of the ETFs got here a day later.
Prosecutors revealed that Eric Council Jr used a faux ID to deceive a telephone retailer worker into granting entry to the sufferer’s telephone. This technique, often known as a SIM swap assault, allowed the hackers to bypass safety measures and take management of the SEC’s social media account.
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Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Known for his incisive evaluation and insightful content material, he possesses a powerful command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
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