BTC

$101604.623

-4.41%

ETH

$3702.637

-5.81%

XRP

$2.343

-10.73%

BNB

$689.227

-4.94%

News

The Man Behind The SEC X Hack Was Arrested By FBI

October 17, 2024 - Around 2 mins mins to read

Key Points:

  • Eric Council Jr. was arrested for the SEC X hack in January 2024, posting a fake announcement about Bitcoin ETFs.
  • Council used a fraudulent SIM swap to access the SEC account, creating a fake ID to obtain a SIM card and bypass security measures.
A 25-year-old man, from Athens, Alabama, was arrested during the early morning hours today in connection with a January 2024 cyber attack that implicated the X account of the U.S. Securities and Exchange Commission.
The Man Behind The SEC X Hack Was Arrested By FBI

Read more: SEC X Account Hack Exposes Vulnerabilities in Musk’s Ecosystem

Alabama Man Arrested for SEC X Hack and Bitcoin Surge

The FBI said that Eric Council Jr. allegedly orchestrated a scheme in which there was a fake posting on the SEC account that temporarily caused Bitcoin to surge by about $1,000. He is scheduled to make an appearance in the Northern District of Alabama today.

According to the indictment, on January 9, 2024, Council and his co-conspirators had hacked into the X account belonging to the SEC and made a sham post announcing that it had approved trading of spot Bitcoin ETFs. Soon after, the SEC disowned the post and quickly deleted it.

Charges Filed in Fraudulent Bitcoin ETF Tweet that Disrupted the Market

The indictment outlines how Council allegedly perpetrated a SIM swap to gain unauthorized access to the SEC’s account. In a SIM swap attack, one fraudulently fools a phone carrier into moving a phone number from a legitimate user to a device that an attacker has in his possession. This bypasses two-factor authentication and allows hackers to gain access to online accounts.

According to the criminal complaint filed in the case of the SEC X hack, Council allegedly had a cell phone provider in Huntsville issue him a SIM card linked to the victim’s phone number after he showed the provider a fake ID created using stolen personal information.

After having received the new SIM card, Council bought a new iPhone and was able to log into the SEC account. He then allegedly provided access codes to his co-conspirators, who published the phoney message. For this, he obtained payments in Bitcoin for his services in the SEC X hack.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Eric Council Jr.

FBI

hack

SEC

SEC X Hack

Sim Swap

X

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

The Man Behind The SEC X Hack Was Arrested By FBI

Key Points:

  • Eric Council Jr. was arrested for the SEC X hack in January 2024, posting a fake announcement about Bitcoin ETFs.
  • Council used a fraudulent SIM swap to access the SEC account, creating a fake ID to obtain a SIM card and bypass security measures.
A 25-year-old man, from Athens, Alabama, was arrested during the early morning hours today in connection with a January 2024 cyber attack that implicated the X account of the U.S. Securities and Exchange Commission.
The Man Behind The SEC X Hack Was Arrested By FBI

Read more: SEC X Account Hack Exposes Vulnerabilities in Musk’s Ecosystem

Alabama Man Arrested for SEC X Hack and Bitcoin Surge

The FBI said that Eric Council Jr. allegedly orchestrated a scheme in which there was a fake posting on the SEC account that temporarily caused Bitcoin to surge by about $1,000. He is scheduled to make an appearance in the Northern District of Alabama today.

According to the indictment, on January 9, 2024, Council and his co-conspirators had hacked into the X account belonging to the SEC and made a sham post announcing that it had approved trading of spot Bitcoin ETFs. Soon after, the SEC disowned the post and quickly deleted it.

Charges Filed in Fraudulent Bitcoin ETF Tweet that Disrupted the Market

The indictment outlines how Council allegedly perpetrated a SIM swap to gain unauthorized access to the SEC’s account. In a SIM swap attack, one fraudulently fools a phone carrier into moving a phone number from a legitimate user to a device that an attacker has in his possession. This bypasses two-factor authentication and allows hackers to gain access to online accounts.

According to the criminal complaint filed in the case of the SEC X hack, Council allegedly had a cell phone provider in Huntsville issue him a SIM card linked to the victim’s phone number after he showed the provider a fake ID created using stolen personal information.

After having received the new SIM card, Council bought a new iPhone and was able to log into the SEC account. He then allegedly provided access codes to his co-conspirators, who published the phoney message. For this, he obtained payments in Bitcoin for his services in the SEC X hack.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.