Today, Eric Council Jr. was arrested, accused of hacking the SEC's official Twitter account in January. The accused posted a fake message about Bitcoin ETF approval, affecting the cryptocurrency's price.
Details of the SEC Twitter Account Hack
According to records, hackers gained access to the SEC's account using a SIM Swap vulnerability. They posted a fake message about Bitcoin ETF approval, causing Bitcoin's price to temporarily rise by $1,000.
Investigation and Suspect's Arrest
After the hack, the SEC quickly regained control of the account and refuted the false information. Eric Council Jr. was arrested by the FBI in Alabama, facing charges of identity theft and conspiracy to commit access device fraud.
Impact on the Bitcoin Market
Following the SEC's clarification, Bitcoin's price dropped by more than $2,000. The incident occurred while the SEC was considering applications for Bitcoin ETFs.
The announcement of false news about Bitcoin ETFs highlighted the fragility and manipulatory risks of the crypto market, underscoring the importance of information security in financial regulatory bodies.