An Alabama citizen, 25, is accused of breaking into the SEC’s X account on January 9 and using that information to steal identities. The fraudulent declaration of the approval of Bitcoin ETFs was one of the illegal actions that caused a sharp spike in the price of Bitcoin.
How Did He Access the SEC Account?
The FBI identified the suspect as Eric Council Jr., who employed SIM swap techniques to capture another individual’s phone number. This method allowed him to intercept the SEC’s two-factor authentication codes.
What Charges Is He Facing?
An investigation revealed unusual internet queries on Council’s device, including searching for information about FBI investigations. He faces charges of aggravated identity theft and device access fraud.
The fraudulent tweet from the hacker claimed, “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.” This announcement triggered a surge in Bitcoin’s price by over $1,000 in mere hours before the message was deleted and the SEC account restored.
- SIM swap fraud is a serious threat, tricking providers into transferring phone numbers.
- Users must prioritize digital security measures, including strong passwords.
- Two-factor authentication is essential to safeguard personal accounts.
This breach serves as a stark reminder of the vulnerabilities in digital security for financial platforms, underscoring the need for enhanced protective measures to prevent similar incidents in the future.
