Alabama Man Arrested for SEC Social Media Hack That Caused Bitcoin Price Spike

In a shocking turn of events, an Alabama man has been arrested for his alleged involvement in the January hack of a U.S. Securities and Exchange Commission (SEC) social media account, resulting in a significant Bitcoin price spike! 📈💰

Eric Council Jr., a 25-year-old from Athens, was taken into custody on Thursday for aiding in the breach of the SEC’s account on X (formerly known as Twitter). The hackers used this access to prematurely announce the approval of long-awaited Bitcoin exchange-traded funds (ETFs).

The post claimed, “The SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges,” causing the price of Bitcoin to surge over $1,000. However, SEC Chairman Gary Gensler quickly clarified that the announcement was unauthorized, stating, “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

Council allegedly executed a SIM swap by using a fake ID to impersonate someone with access to the SEC’s X account. He convinced a cellphone store to provide a new SIM card linked to the victim’s phone number, granting him access to the SEC’s account and enabling the unauthorized post.

Interestingly, after returning the iPhone used for the hack, his online searches included questions like “What are the signs that you are under investigation by law enforcement or the FBI?” This raises serious questions about his awareness of the legal implications of his actions. 🤔

Following the unauthorized post, Bitcoin’s price skyrocketed from about $46,730 to nearly $48,000, before dropping to approximately $45,200 after the SEC’s denial of the approval. The SEC officially approved the first Bitcoin ETFs the very next day, making the timing of this hack particularly critical.

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