A man in the United States was sentenced to 14 months in prison for hacking into SEC X accounts to manipulate Bitcoin prices
According to ChainCatcher news, a 26-year-old Alabama resident, Eric Council Jr., was sentenced to 14 months in prison for participating in the hacking of the official Twitter account of the U.S. Securities and Exchange Commission (SEC) and posting false news about the approval of a Bitcoin ETF. He gained control of the SEC account through a SIM swap attack, causing significant fluctuations in Bitcoin prices.According to court documents, Council obtained a SIM card associated with the SEC's phone number at an AT&T store in Alabama on January 9, 2024, using forged identification. He then purchased a new phone to receive the SEC X account password reset. His accomplices used that access to post false news about the approval of a Bitcoin ETF, resulting in a surge of over $1,000 in Bitcoin prices within a short period, followed by a drop of more than $2,000 after the SEC clarified the situation.In addition to imprisonment, the court also ordered the forfeiture of his illegal gains of $50,000 and imposed three years of supervised release, during which he is prohibited from using the dark web and committing identity fraud. Investigations revealed that Council was also involved in multiple SIM swap attacks, profiting approximately $50,000 from them.This case was jointly investigated by the FBI's Washington office and the SEC's Office of Inspector General, highlighting the regulatory agencies' efforts to combat the manipulation of financial markets through cybercrime. The head of the Department of Justice's Criminal Division emphasized the commitment to holding accountable those who threaten the integrity of the digital asset market.