As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a mix of emotions upon hearing about the potential plea deal for Eric Council Jr., the man accused of hacking the SEC’s X account.
Federal authorities are contemplating extending a plea bargain to Eric Council Jr., the Alabaman who was recently apprehended for illegally accessing the SEC’s X account.
Bloomberg reported on the latest development in the SEC X account hack on Friday, Oct. 25.
At a court hearing held on October 25th, as reported by Bloomberg, U.S. Attorney Kevin Rosenberg indicated that the prosecution is considering offering a plea bargain. Yet, it remains uncertain if this agreement will be accepted.
25-year-old Council was taken into custody by the Federal Bureau of Investigations last week. According to a statement from the U.S. Attorney’s Office for the District of Columbia, this individual is suspected of hacking and falsely posting a message on the SEC’s account on platform X. This action reportedly caused the price of Bitcoin (BTC) to surge by $1,000 as the market responded.
It’s claimed that the Council and others carried out a SIM-swapping tactic to illegally access and control the social media account belonging to the U.S. securities market regulator at a time when there was growing optimism in the cryptocurrency sector, as they were on the verge of receiving approval for the first Bitcoin exchange-traded funds in the U.S. market.
Following the SEC’s reclaiming of their account, verifying that an earlier statement was false and the outcome of a SIM swap hack, cryptocurrency prices dropped dramatically. The public sentiment quickly shifted, turning negative for BTC as its value plummeted over $2,000 in just minutes.
In simpler terms, the Securities and Exchange Commission (SEC) gave their green light for Bitcoin Spot ETFs. This decision sparked an increase in Bitcoin’s price, leading it to reach an unprecedented peak of $73,000.
Charges against Council included device fraud and conspiracy to commit aggravated identity theft. The suspect allegedly received a payment in BTC from unnamed sources for his successful SIM swap attack.
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2024-10-25 20:08