A US citizen pleaded guilty for his role in the January 2024 unauthorized takeover of the US Securities and Exchange Commission (SEC) social media account on X, formerly known as Twitter. The hacker posted an announcement that temporarily caused Bitcoin’s value to spike by over $1,000.
Eric Council Jr., 25, of Athens, conspired with others to gain control of the SEC’s X account. The group falsely posted an announcement in the name of the then-SEC Chairman, claiming the agency had approved Bitcoin Exchange Traded Funds (ETFs), a move eagerly awaited by cryptocurrency markets.
The false message immediately sent Bitcoin’s price soaring by more than $1,000 per coin, before the SEC regained control of its account and issued a correction, stating that the post was the result of a security breach. Following the clarification, Bitcoin’s price plummeted by over $2,000.
According to court documents, Council and his co-conspirators gained access to the SEC’s account through a fraudulent Subscriber Identity Module (SIM) swap.
A SIM swap involves tricking a cell phone provider into transferring a victim’s phone number to a SIM card controlled by the hacker. Council carried out the SIM swap by creating a fake ID card with personal information obtained from one of his accomplices. This allowed him to impersonate the victim and gain access to their phone number, which was then used to infiltrate the SEC’s social media account.
