Archive — US — techcrunch
US man who hacked SEC’s X account to spike Bitcoin price sentenced to prison
Eric Council Jr., 26, was sentenced to 14 months in prison for hacking the SEC's X account to falsely claim Bitcoin ETF approval, causing a spike in cryptocurrency prices. The hack involved a SIM swap attack on a target with SEC account access, enabling the reset of the account's password.
Key points
- Eric Council Jr., aged 26, was sentenced to 14 months in prison for his involvement in the hack.
- The hacking operation targeted the official X account of the U.S. Securities and Exchange Commission (SEC).
- Hackers falsely announced SEC approval of Bitcoin ETFs, leading to a significant temporary increase in Bitcoin's price.
- The attack was executed through a SIM swap, allowing the hackers to gain control of a victim's phone number linked to the SEC account.
- Following the hack on January 9, 2024, the SEC account's password was reset by the hackers, granting them full access.
Why it matters
- This incident highlights ongoing cybersecurity threats, particularly in the financial sector, related to cryptocurrency markets.
- As of 2025, the rise of cryptocurrencies and their regulation remains a hot topic, with increased scrutiny on organizations like the SEC.
- The use of SIM swapping techniques in cybercrime indicates a growing trend where personal data security is paramount amidst cryptocurrency adoption.
The sentencing of Council serves as a reminder of the vulnerabilities in cybersecurity systems, especially concerning cryptocurrencies and financial regulations, emphasizing the need for stronger safeguards in the digital space.