In January 2024, an Alabama resident accessed the SEC account, causing a sharp rise in Bitcoin value. Investigation revealed the hacker used a SIM swap attack for market manipulation.

SEC Account Hack

25-year-old Eric Council from Athens, Alabama, was arrested for the hack of the U.S. Securities and Exchange Commission's (SEC) X account in January 2024. The hack resulted in fraudulent claims about Bitcoin ETF approvals, causing Bitcoin’s value to surge by $1,000.

Investigation and Attack Details

Council and his conspirators orchestrated a SIM swap attack to gain full access to the SEC's X account. After the statements were proven false, Bitcoin’s value plummeted by $2,000. Council used a fake ID to obtain a SIM card linked to the victim's phone, infiltrated the account, and issued a fake tweet on behalf of the SEC chairman.

Warnings and Consequences

FBI and Justice Department officials emphasized the severity of such attacks. Principal Deputy Assistant Attorney General Argentieri noted that SIM swap crimes can affect financial systems. The threat of such attacks remains, and the FBI continues to pursue those who break U.S. laws.

This incident exemplifies the threat posed by SIM swap attacks, which can lead to significant financial losses and market manipulation. Law enforcement agencies continue to combat such cybercrimes and plan to hold accountable all those who violate U.S. laws.