January 2024 SEC X Hacker Arrested, DOJ Says
Council forged crypto critical announcement on SEC X account after successfully hacking their official X page
On October 17th, 2024, Council, hailing from Athens, Alabama, was apprehended by the Federal Bureau of Investigation (FBI) for his role in the hack of the SEC X elaborate scheme.
According to the U.S. Department of Justice (DOJ), the Council, along with unnamed co-conspirators, had devised a sophisticated plan to exploit a vulnerability in the SEC’s X account.
On January 9th, 2024, the crypto space watched in astonishment as the official X account of the Securities and Exchange Commission (SEC) issued a seemingly earth-shattering announcement: “Today the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges.”
Furthermore, within minutes, the price of Bitcoin surged by $1000, fueled by the perceived legitimacy of the SEC’s backing. The announcement, it turned out, was a digital mirage, a calculated fabrication orchestrated by a 25-year-old hacker named Eric Council Jr.
The crux of the operation lay in a technique known as a SIM swap, a tactic where hackers illicitly gain control of a victim’s phone number, thus gaining access to their online accounts. Council and his accomplices, through the unauthorized SIM swap, obtained access to the SEC’s X account. They then proceeded to issue the fabricated announcement, causing a ripple effect in the cryptocurrency market.
SEC X Account Hacker in Custody for Forgery
The SEC, reclaiming control of its account, promptly deleted the fake announcement and declared its veracity to be false. The price of Bitcoin subsequently plummeted by $2000, a stark reminder of the volatility inherent in the digital currency market.
Ironically, the SEC did approve Bitcoin ETFs the very next day, seemingly validating the sentiment expressed in the forged announcement. However, the circumstances surrounding Council’s actions and the ensuing market volatility underscore the fragility of digital platforms and the potential for malicious actors to exploit vulnerabilities for personal gain.
The arrest of Eric Council Jr. highlights the growing concern surrounding cybersecurity threats and the potential for significant disruption in financial markets. It serves as a stark reminder of the importance of robust security protocols and vigilance against those who seek to exploit them.
The DOJ, in its press release, highlighted the charges leveled against Council: conspiracy to commit identity theft and device fraud. The investigation into Council’s actions and the broader network of co-conspirators is ongoing.
