An Alabama man has been sentenced to 14 months in federal prison for his role in a cyberattack on the U.S. Securities and Exchange Commission’s (SEC) official X (formerly Twitter) account, which briefly manipulated Bitcoin prices.
Eric Council Jr., 26, of Huntsville, pleaded guilty in February to conspiracy to commit aggravated identity theft and access device fraud. According to the Department of Justice, Council conspired with others to take control of the SEC’s X account and falsely announce that the agency approved Bitcoin exchange-traded funds (ETFs), a decision highly anticipated by the market. Immediately following the false announcement, the price of Bitcoin increased by more than $1,000 per BTC. Following the correction, the value of Bitcoin decreased by more than $2,000 per BTC .
The scheme involved a SIM swap attack, where Council used a fraudulent ID to impersonate a victim and gain control of their phone number. This allowed him to receive password reset codes for the SEC’s X account, which he shared with co-conspirators who posted the fake ETF approval. Council received approximately $50,000 in Bitcoin for his role in the scheme .
In addition to his prison sentence, Council was ordered to forfeit $50,000 and will serve three years of supervised release. During this period, he is prohibited from accessing the dark web or committing further identity fraud .
This case underscores the potential for cyberattacks to disrupt financial markets and the importance of robust cybersecurity measures for government agencies.
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