Hacker Jailed for Triggering $3,000 Bitcoin Swing in SEC X Account Breach
The post Hacker Jailed for Triggering $3,000 Bitcoin Swing in SEC X Account Breach appeared on BitcoinEthereumNews.com. Key Takeaways: The hacker, Eric Council Jr., was sentenced to 14 months in prison and forfeited $50,000. A hacker exploited a SIM swap to hijack the SEC’s X account, posting fake Bitcoin ETF approval. The false post temporarily caused Bitcoin to surge over $1,000 before crashing $2,000. A shocking cyber breach involving the U.S. Securities and Exchange Commission (SEC) shook the crypto markets earlier this year. Now, the man behind the manipulation has been sentenced to prison. The case highlights both the power of social media over financial markets and the growing danger of SIM swap fraud in the crypto world. Read More: CZ Sounds Alarm After Ledger Discord Hack Exposes Users to Phishing Trap Sentencing Sends a Message to Crypto Criminals Eric Council Jr., a 26-year-old from Athens, Alabama, was sentenced on May 16, 2025 to 14 months in jail and ordered to lose his $50,000 fraud-related income. With limitations including a prohibition on using the dark web or carrying on more identity-related crimes online, he will also have three years of supervised release. The sentence was announced by U.S. Attorney Jeanine Ferris Pirro, Head of the Justice Department’s Criminal Division Matthew R. Galeotti, SEC Inspector General Deborah Jeffrey, and FBI Assistant Director in Charge Steven J. Jensen of the Washington Field Office. U.S. prosecutors emphasized that Council’s actions not only manipulated the market but also undermined trust in financial institutions. FBI officials warned that digital anonymity does not guarantee safety from law enforcement and vowed to continue cracking down on cybercrime rings targeting crypto. Hacker Exploits SEC to Spike Bitcoin Price In January 2024, Council was part of a SIM swapping ring that hijacked the official X (formerly Twitter) account of the SEC. The intrusion was utilized to publish a false release saying Bitcoin spot ETFs had been…
The post Hacker Jailed for Triggering $3,000 Bitcoin Swing in SEC X Account Breach appeared on BitcoinEthereumNews.com.
Key Takeaways: The hacker, Eric Council Jr., was sentenced to 14 months in prison and forfeited $50,000. A hacker exploited a SIM swap to hijack the SEC’s X account, posting fake Bitcoin ETF approval. The false post temporarily caused Bitcoin to surge over $1,000 before crashing $2,000. A shocking cyber breach involving the U.S. Securities and Exchange Commission (SEC) shook the crypto markets earlier this year. Now, the man behind the manipulation has been sentenced to prison. The case highlights both the power of social media over financial markets and the growing danger of SIM swap fraud in the crypto world. Read More: CZ Sounds Alarm After Ledger Discord Hack Exposes Users to Phishing Trap Sentencing Sends a Message to Crypto Criminals Eric Council Jr., a 26-year-old from Athens, Alabama, was sentenced on May 16, 2025 to 14 months in jail and ordered to lose his $50,000 fraud-related income. With limitations including a prohibition on using the dark web or carrying on more identity-related crimes online, he will also have three years of supervised release. The sentence was announced by U.S. Attorney Jeanine Ferris Pirro, Head of the Justice Department’s Criminal Division Matthew R. Galeotti, SEC Inspector General Deborah Jeffrey, and FBI Assistant Director in Charge Steven J. Jensen of the Washington Field Office. U.S. prosecutors emphasized that Council’s actions not only manipulated the market but also undermined trust in financial institutions. FBI officials warned that digital anonymity does not guarantee safety from law enforcement and vowed to continue cracking down on cybercrime rings targeting crypto. Hacker Exploits SEC to Spike Bitcoin Price In January 2024, Council was part of a SIM swapping ring that hijacked the official X (formerly Twitter) account of the SEC. The intrusion was utilized to publish a false release saying Bitcoin spot ETFs had been…
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