Alabama Man Arrested in SEC Social Media Hack to Manipulate Bitcoin Prices

Eric Council Jr., a 25-year-old from Alabama, was arrested for hacking the SEC's social media account to manipulate bitcoin prices. The hack involved false news about bitcoin ETFs, causing a price spike. Council faces charges for conspiracy and fraud. The SEC and FBI collaborated in the investigation.

An Alabama man was napped by authorities for his alleged involvement in a hacking scheme of a U.S. Securities and Exchange Commission (SEC) social media account. According to prosecutors, Eric Council Jr., 25, had a hand in a conspiracy to manipulate bitcoin prices by posting false information on the SEC's X account.

The manipulation drove a brief spike in bitcoin prices by $1,000. The incident kindled criticism of the SEC and raised concerns over online security, especially on the X platform following Elon Musk's acquisition. The hack was executed through a 'SIM-swapping' technique, allowing the fraudulent access to the account.

While a representative for Council declined immediate comment, the SEC expressed gratitude toward law enforcement agencies for their role in the investigation. Council faces charges related to identity theft and fraud, while the case highlights ongoing vulnerabilities in digital security infrastructures.

(With inputs from agencies.)