Alabama Hacker Arrested for SEC Account Breach, Bitcoin Price Manipulation

Eric Council Jr., a 25-year-old from Alabama, was arrested for hacking the SEC's X account to manipulate bitcoin prices. The hacker, involved in a SIM swapping scheme, posted false news about bitcoin ETFs, inflating the cryptocurrency's value, and later attempted to erase his digital tracks.

In a significant move, U.S. authorities arrested Eric Council Jr., a 25-year-old Alabama resident, on charges of hacking into the U.S. Securities and Exchange Commission's X account. The incident involved a SIM swapping conspiracy aimed at manipulating bitcoin prices through false announcements.

Prosecutors alleged Council worked with co-conspirators to gain unauthorized access to the SEC's X account. The fraudulent post caused a brief spike in bitcoin prices, increasing its value by $1,000. Council allegedly received bitcoin payments for his role in the hack and then attempted to erase his digital presence.

The SEC faced criticism for its account's breach, spotlighting security vulnerabilities on the social media platform X, particularly after its acquisition by Elon Musk. The incident has raised concerns about the integrity of financial market communications.

(With inputs from agencies.)