As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I can’t help but feel a mix of amusement and concern upon reading about Eric Council Jr.’s alleged hack of the SEC’s account. While it’s certainly entertaining to imagine the chaos that must have ensued in those brief moments when Bitcoin prices surged due to the fake approval announcement, it’s also a stark reminder of the potential vulnerabilities within our digital infrastructure.
It has been decided that Eric Council Jr., accused of hacking the U.S. Securities and Exchange Commission’s X account in January and spreading false information about approved Bitcoin ETFs, can take a trip during the holiday season.
According to court documents filed on December 13, Judge Amy Berman Jackson permitted the defendant to travel to North Carolina from December 23 to December 29, accompanied by a third-party caretaker. The judge required the suspected hacker to share his detailed travel itinerary and lodging information with Pre-Trial Services at least two working days before departing.
The Council denied charges of hacking the Securities and Exchange Commission’s (SEC) X account on January 9th and posting a deceptive message that claimed SEC approval for spot Bitcoin ETFs. This false announcement, which included a quote attributed to SEC Chair Gary Gensler, caused market turbulence before the commission formally authorized these investment tools approximately 24 hours later.
FBI agents apprehended a council member from Alabama on October 17th. This individual has denied the charges against them, which include conspiring to carry out aggravated identity theft and fraud related to access devices.
As a researcher, I’m reporting on the legal proceedings involving Council. At the point of releasing this information, the judge hadn’t fixed a trial date for Council yet, but proposed that both parties could submit a plea agreement by January 17th. It was indicated that if a plea agreement isn’t reached, Council would be required to personally appear in court on that date.
SEC hacked when many awaited spot Bitcoin ETF decision
Prior to the Council’s suspected actions, there was widespread anticipation within the cryptocurrency sector about the Securities and Exchange Commission (SEC) announcing whether US exchanges could list Bitcoin-tied spot ETFs. The authorities claim that the Council was involved in a SIM swap attack group, which supposedly gained control of the SEC’s X account. This manipulation reportedly led to a sudden increase in the price of BTC, exceeding $1,000.
Following the unfortunate security breach, I’ve learned that X’s security team found out that the Securities and Exchange Commission (SEC) hadn’t implemented two-factor authentication. Interestingly, in May, when the SEC approved spot Ether (ETH) exchange-traded products, they didn’t report any issues with their social media accounts.
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2024-12-19 00:05