Eric Council Jr. of Alabama has pleaded guilty to hacking the SEC's Twitter account, resulting in a Bitcoin price surge.
Circumstances of the Hack
In January 2024, Eric Council Jr. hacked the SEC's official Twitter account. The attack resulted in a fake post claiming the SEC had approved a Bitcoin ETF.
Market Reaction
The fake post led to a temporary surge in Bitcoin's price by over $1,000 until the SEC confirmed it was due to a hack. The incident highlighted the vulnerability of high-profile accounts.
Consequences and Security Measures
Following his arrest in October 2024, Council remained free on personal recognizance. The attack was part of a broader SIM swap operation, emphasizing the need for enhanced security for government agencies. Sentencing is scheduled for May 2025, where Council could face a minimum of two years in prison.
The attack on the SEC’s Twitter account has emphasized the importance of strengthening security measures and vigilance in preventing misinformation in financial markets.
