Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Thursday, July 31
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Bitcoin»Alabama man arrested in SEC social media account hack that led the price of bitcoin to spike
    Bitcoin

    Alabama man arrested in SEC social media account hack that led the price of bitcoin to spike

    October 17, 20242 Mins Read


    WASHINGTON (AP) — An Alabama man was arrested Thursday for his alleged role in the January hack of a U.S. Securities and Exchange Commission social media account that led the price of bitcoin to spike, the Justice Department said.

    Eric Council Jr., 25, of Athens, is accused of helping to break into the SEC’s account on X, formerly known as Twitter, allowing the hackers to prematurely announce the approval of long-awaited bitcoin exchange-traded funds.

    The price of bitcoin briefly spiked more than $1,000 after the post claimed “The SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.”

    But soon after the initial post appeared, SEC Chairman Gary Gensler said on his personal account that the SEC’s account was compromised. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” Gensler wrote, calling the post unauthorized without providing further explanation.

    Authorities say Council carried out what’s known as a “SIM swap,” using a fake ID to impersonate someone with access to the SEC’s X account and convince a cellphone store to give him a SIM card linked to the person’s phone. Council was able to take over the person’s cellphone number and get access codes to the SEC’s X account, which he shared with others who broke into the account and sent the post, the Justice Department says.

    Prosecutors say after Council returned the iPhone he used for the SIM swap, his online searches included: “What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them.”

    An email seeking comment was sent Thursday to an attorney for Council, who is charged in Washington’s federal court with conspiracy to commit aggravated identity theft and access device fraud.

    The price of bitcoin swung from about $46,730 to just below $48,000 after the unauthorized post hit on Jan. 9 and then dropped to around $45,200 after the SEC’s denial. The SEC officially approved the first exchange-traded funds that hold bitcoin the following day.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleMinnesota cities tap utility fees to help fund local clean energy and climate action • Minnesota Reformer
    Next Article Here’s how SIM swap in alleged bitcoin pump-and-dump scheme worked

    Related Posts

    Bitcoin

    Bitcoin Price Holds at $118,420 as Market Awaits $120K Breakout

    July 31, 2025
    Bitcoin

    Is an Altcoin Rally Coming as Bitcoin Dominance Drops?

    July 31, 2025
    Bitcoin

    First Bitcoin, Then Ethereum: Will Ripple’s XRP Be the Next Target of the Corporate Treasury Strategy?

    July 31, 2025
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Commodities

    Why You Should Invest in Commodities

    July 7, 2024
    Bitcoin

    Bitcoin Price Drops As White House Releases Massive Crypto Report, Federal Reserve Leaves Interest Rates Unchanged

    July 30, 2025
    Property

    REPORT: UK has one of the worst property transaction fall-through rates globally

    April 1, 2025
    What's Hot

    Top 3 Utilities Stocks That Could Lead To Your Biggest Gains This Month – Alternus Clean Energy (NASDAQ:ALCE)

    August 8, 2024

    Base metals gain after US court puts brakes on Trump tariffs

    May 29, 2025

    Ce qu’il faudrait au bitcoin pour dépasser les sommets de tous les temps

    April 14, 2025
    Most Popular

    Chaîne d’épicerie internationale Pilote Bitcoin Payments en Suisse en Suisse

    April 18, 2025

    Sensex Today | Stock Market LIVE Updates: Nifty dips again, falls below 25,000; Bharti Hexacom up 3%

    May 26, 2025

    Les acheteurs de Bitcoin retrouvent le contrôle – le CVD spot flash swip haussier au-dessus de 110 000 $

    May 24, 2025
    Editor's Picks

    le gouvernement investira bien les 15 milliards d’euros restants dans l’innovation

    April 10, 2025

    Warren Buffett dans « Le Monde », d’investisseur prosaïque à gourou de la finance

    May 17, 2025

    EVP & President NI Utilities Melody Birmingham Sells 7,151 Shares of NiSource …

    August 16, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.