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Man pleads guilty to role in SEC social media account hack that led the price of bitcoin to spike
An Alabama man, Eric Council Jr., pleaded guilty to hacking the U.S. Securities and Exchange Commission's X account, causing Bitcoin's value to temporarily rise by over $1,000.
Council's actions involved a fraudulent SIM swap and impersonation of a victim to gain access to the SEC's account.
After the SEC regained control, they confirmed the post was false, leading to a decline in Bitcoin's value by more than $2,000.
Council faces up to five years in federal prison, with sentencing scheduled for May 16, 2025, according to the Department of Justice.