A 25-year-old Alabama man has admitted to his function within the hacking of the U.S. Securities and Trade Fee’s (SEC) X account. The cyberattack led to a false announcement about Bitcoin exchange-traded funds (ETFs), inflicting a quick value surge.
Eric Council Jr Pleads Responsible in US SEC X Account Hack
Based on a Bloomberg report, an Alabama man Eric Council Jr. has pleaded responsible to costs associated to the January 2024 SEC Bitcoin ETF hack. The case was heard in a Washington federal court docket, 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 permitted Bitcoin ETFs. The put up triggered 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 called 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. Recognized for his incisive evaluation and insightful content material, he possesses a robust command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
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