Recently, authorities arrested a man from Alabama named Eric Council Jr. Prosecutors said he was <\/span>responsible for hacking the U.S. Securities and Exchange Commission\u2019s (SEC) social media account<\/b>.<\/span><\/p>\n The hacked account posted a fake message about approving the spot Bitcoin exchange-traded funds (ETFs). <\/span>Eric Council Jr., who is currently 25, faces charges of \u201cconspiracy to commit aggravated identity theft\u201d and \u201caccess device fraud.\u201d\u00a0<\/span><\/p>\n A <\/span>press release<\/span><\/a> by the U.S. Attorney\u2019s office in Washington disclosed the arrest of a 25-year-old Alabama man, Eric Council Jr. According to the statement, Council Jr. allegedly hacked the SEC\u2019s X account in January and posted a <\/span>misleading message about approving spot Bitcoin ETFs<\/b>.<\/span><\/p>\n The prosecutors say Eric Council didn\u2019t act alone. <\/span>He worked with others to take over the SEC\u2019s X account<\/b>.\u00a0<\/span><\/p>\n They posted a fake message saying, \u201cToday the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges.\u201d<\/span><\/p>\n<\/blockquote>\n Shortly after the fake post, SEC Chair Gary Gensler confirmed the hack. <\/span>X also confirmed that the account had been compromised<\/b>.<\/span><\/p>\n According to the Thursday statement, bitcoin\u2019s price surged by over $1,000 following the fake post. The tweet misled people into thinking the <\/span>SEC had approved spot bitcoin ETFs when it hadn\u2019t officially done so<\/b>.\u00a0<\/span><\/p>\n The post went out just one day before these ETFs were approved. Since then, these spot BTC ETFs<\/a> have attracted billions of investments.<\/span><\/p>\n Prosecutors said the hackers used a \u201cSIM swap\u201d method to access the SEC\u2019s account. In a SIM swap, <\/span>criminals trick phone companies into giving them control of a person\u2019s phone number<\/b>.\u00a0<\/span><\/p>\n This trick allows the hackers to access accounts linked to that phone. These schemes can cause enormous financial losses and lead to the leak of personal and private information.<\/span><\/p>\n The U.S. Attorney Matthew M. Graves explained this in a <\/span>statement.<\/span><\/a> He said that conspirators used this illegal phone access to interfere with financial markets<\/b>. Their goal was to manipulate prices for their gain.<\/span><\/p>\n Prosecutors say Eric Council Jr. got personal information from his co-conspirators. This information included a victim\u2019s name and photo.<\/span><\/p>\n Using this, he made a fake ID and went to a cell phone provider in Huntsville, Alabama. Hence, he obtained a SIM card linked to the victim\u2019s phone number with the fake ID.<\/span><\/p>\n According to prosecutors, he bought a new iPhone with cash. With the phone and SIM card, he could receive access codes, <\/span>which granted him control of the SEC\u2019s X account. This is how he could carry out the hack<\/b>.<\/span><\/p>\n After the fake post was sent, Eric Council Jr. received a Bitcoin payment. According to the statement, the payment was for successfully carrying out the SIM swap.<\/span><\/p>\n Eric Council used several online nicknames, including \u201cRonin,\u201d \u201cEasymummy,\u201d and \u201cAGiantSchnauzer.\u201d\u00a0<\/span><\/p>\n After the hack, he reportedly searched for some suspicious phrases online. They included \u201cSECGOV,\u201d \u201ctelegram sim swap,\u201d and \u201cHow can I know for sure if I am being investigated by the FBI.\u201d<\/span><\/p>\n He also searched for \u201cWhat are the signs that you are under investigation by law enforcement or the FBI even if they have not contacted you.\u201d<\/span><\/p>\n<\/blockquote>\n Furthermore, the SEC thanked law enforcement for holding those responsible for the hack accountable.<\/span> SEC\u2019s spokesperson shared this message via email<\/b>.<\/span><\/p>\n Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!<\/p>\nBitcoins Hackers Use SIM Swap to Access SEC\u2019s X Account, Triggering Bitcoin Price Spike with Fake ETFs Announcement<\/span><\/h2>\n
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Bitcoins How a SIM Swap and Fake ID Led to the SEC X Account Hack<\/span><\/h2>\n
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