A recent hacking incident involving the SEC's X account has escalated into a major legal confrontation. Eric Council, arrested on October 17, has pleaded guilty.
Details of the Hacking Incident
On October 17, 2024, Eric Council confessed to conspiracy and identity theft charges, confirmed by U.S. Attorney Edward R. Martin, Jr., along with SEC and FBI officials.
Methods of SIM Swap Attacks
SIM swap attacks allow easy compromise of online accounts. Council and his accomplices hijacked the official SEC account @SECgov on January 9, 2024. The attack involved using a fake identity, deceiving an AT&T employee to gain the victim's SIM card, enabling password reset of the account to post false BTC ETF announcements.
Consequences and Punishment
Eric Council faces a potential sentence of five years in prison, three years supervised release, and a $250,000 fine. Sentencing is scheduled for May 16, 2025.
The SEC hacking incident highlighted vulnerabilities in modern technologies, leading to significant legal consequences for the perpetrators.
