Alabama man punished for SEC social media hacking to post fake news on Bitcoin ETF
A 26-year-old man from Alabama has been punished for more than one year in prison for his role in a social media hack that briefly sent the price of bitcoin
Growing up.
Eric Council Jr. of Huntsville sought a fault on charges tied to the January 2024 hack of US Securities and Exchange Commission account, according to a U.S. Department of Justice Press release.
Posing as a telecom customer using a fraudulent ID, used by Council A Sim-swap Procedure to lyjack a phone number tied to the SEC account. His co-conspirators then used it to incorrectly post that the agency approved the area that had exchanged Bitcoin (ETF) exchange funds, a long-awaited milestone of regulation.
In a few minutes, the price of Bitcoin has risen more than $ 1,000. It crashed soon, losing more than $ 2,000 worth once the post was expressed as fake. SEC did later on that month Approve the launch of the Bitcoin ETF spot.
Authorities said the council was paid to Bitcoin for his role. He will serve 14 months in prison followed by a three -year -old release.
Federal prosecutors called the attack a calculated attempt to manipulate financial markets. “The deliberate obtaining of an official federal agency communication platform is a calculated criminal work intended to deceive the public and manipulate financial markets,” said Acting FBI Assistant Director Darren Cox. “By spreading misinformation to influence markets, the council attempted to eliminate public confidence and exploit the financial system”
