FBI arrests man behind SEC twitter hack posting fake Bitcoin ETF approval

Bitcoin's price fluctuated wildly after SEC account hack.

Key Takeaways

An Alabama man orchestrated a SIM swap to illegally access and manipulate the SEC's Twitter account. The fraudulent Bitcoin ETF approval tweet caused a rapid $1,000 increase and subsequent $2,000 decrease in Bitcoin prices. <?xml encoding="UTF-8"?>

Eric Council Jr., aged 25, from Athens, Alabama, was arrested today for his involvement in the unauthorized takeover of the SEC’s X account, previously known as Twitter, on January 9, 2024. The hack led to a false announcement about spot Bitcoin ETFs, causing major market disruption.

According to US authorities, Council conspired to use a SIM swap attack to gain control of the SEC’s X account and post a fraudulent message claiming the SEC had approved Bitcoin ETFs.

The false announcement caused Bitcoin’s price to surge by $1,000, only to fall by over $2,000 after the SEC corrected the misinformation.

Council faces charges of conspiracy to commit aggravated identity theft and access device fraud, with his initial court appearance scheduled for today in the Northern District of Alabama.

This is a developing story.

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