FBI Arrests Man for Hacking SEC’s Twitter Account and Manipulating Bitcoin Prices

Arrest and Charges

Details of the Alleged Hack

The FBI has apprehended a suspect believed to be responsible for hacking into and posting from the Securities and Exchange Commission’s Twitter account, resulting in a significant surge in Bitcoin prices.

Bitcoin Price Manipulation

False Post Sparked Volatility

Eric Council Jr., a 25-year-old from Alabama, faces charges of conspiracy after allegedly posing as SEC Chair Gary Gensler on Twitter and falsely announcing the approval of Bitcoin ETFs. This misleading post led to a sharp increase in Bitcoin’s value, only to plummet once the SEC clarified the situation.

Method of the Breach

According to reports, the hack involved a technique known as “SIM swapping,” where the perpetrator gains control of an individual’s phone number by deceiving the cellular carrier. By obtaining personal information and manipulating SIM cards, the perpetrator was able to access the SEC’s Twitter account and make the fraudulent post.

Legal Consequences

Financial and Legal Ramifications

The FBI’s investigation revealed that Council allegedly received payment in Bitcoin for his actions. U.S. Attorney Matthew Graves emphasized the serious consequences of such schemes, which can result in substantial financial losses and the dissemination of sensitive information.

Court Appearance

Council is scheduled to appear in court in the Northern District of Alabama for his alleged involvement in the hacking incident.

Source: US Department of Justice