Eric Council Jr., 25, from Athens, Alabama, was arrested for his involvement in the takeover of the SEC account on social network X (formerly Twitter) in January 2024. Hackers posted a fake message on behalf of the SEC chair, causing Bitcoin's price to jump by $1000.
According to the charges, Council and his accomplices hacked the account through a “SIM swap,” tricking their way into gaining access to the victim's phone. The hackers posted a false message about an allegedly SEC-approved Bitcoin ETF listing, which led to a Bitcoin price increase, followed by a sharp drop after the SEC refuted the claim.
Council is charged with conspiracy and cybercrime related to financial market manipulation.