Alabama Man Sentenced for SEC Twitter Hack That Boosted Bitcoin Price
A 26-year-old man from Alabama, Eric Council Jr., has been sentenced to 14 months in prison for hacking the U.S. Securities and Exchange Commission's (SEC) Twitter account. The hack caused a temporary $1,000 spike in Bitcoin price after a fake announcement was posted claiming the SEC had approved spot Bitcoin ETFs.
Council and his accomplices used a SIM swap attack to gain control of the SEC's Twitter account. They impersonated an SEC employee at an AT&T store to obtain a SIM card linked to the victim's phone. Council was paid approximately $50,000 in Bitcoin for his role in the hack. The hack occurred just one day before the SEC's official approval of 11 spot Bitcoin price ETFs, exposing vulnerabilities in both institutional security and Bitcoin markets.
U.S. Attorney Jeanine Ferris Pirro and FBI Acting Assistant Director Darren Cox emphasized the severity of the hack and its threat to Bitcoin price market integrity. Council's sentence, along with the subsequent three years of supervised release, aims to deter similar crimes. Other recent Bitcoin security breaches, such as the Coinbase data theft and kidnappings targeting Bitcoin millionaires in Europe, highlight the need for enhanced cybersecurity measures.
Council's actions resulted in a temporary Bitcoin price market disruption and raised concerns about the security of institutional accounts. His sentence serves as a warning to potential cybercriminals targeting the Bitcoin market. No information suggests the involvement of German federal government or authorities in this case.
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