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An Alabama antheral has pleaded blameworthy to hacking the U.S. Securities and Exchange Commission’s (SEC) X relationship to station a mendacious announcement astir Bitcoin ETFs.
Eric Council Jr., 25, admitted successful a Washington, D.C., national tribunal that helium conspired with others to instrumentality power of the SEC’s relationship connected January 9, 2024. The fake station claimed the SEC had approved Bitcoin exchange-traded funds, concisely sending Bitcoin’s terms soaring by implicit $1,000 earlier the bureau debunked it.
Council utilized a SIM swap onslaught to summation entree to the SEC-linked telephone number. Prosecutors accidental helium created a fake ID with stolen idiosyncratic details to impersonate the unfortunate and hijack their number. His co-conspirators past utilized the entree to station the misleading tweet nether the SEC chairman’s name.
Council, who utilized online aliases similar “Ronin” and “Easymunny,” was arrested successful October 2024. He pleaded blameworthy to conspiracy to perpetrate aggravated individuality theft and entree instrumentality fraud. He faces up to 5 years successful situation astatine his sentencing connected May 16.
Council agreed to surrender $50,000 Bitcoin outgo done his plea statement aft receiving the funds for his engagement successful the fraudulent scheme. The onslaught occurred lone days earlier the authoritative SEC support of Bitcoin ETFs which created an aggravated concern for the cryptocurrency market.
The SEC managed to retrieve power of its relationship aft the incidental exposed information vulnerabilities wrong fiscal regulatory institutions.
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