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The Alabama man pleaded guilty Monday in federal court in connection with the January 2024 hack. Securities and Trade CommissionXX account used to incorrectly claim that the SEC has approved exchange trading funds Bitcoin.
According to the Justice Department, 25-year-old Eric Council Junior has admitted to conspire with others who managed the SEC's X account.
Prosecutors said the council had carried out what is called Sim Swap Attack For those whose mobile phone numbers are linked to SEC's X account as part of the scheme.
“The council has used the identification card printer to create a fraudulent identification card containing personally identifiable information about the victim obtained from his conspirators,” the DOJ said in a press release.
“The council can use fraudulent identification cards to impersonate the victim and access the victim's mobile number with the purpose of accessing the SEC account,” DOJ said. “The council co-conspirators accessed their accounts and posted them in the name of the SEC Chairman.”
Bitcoin prices were spiked at over $1,000 after a fake tweet by hackers on January 9, 2024. The SEC quickly regained control of its X account, announced its tweet was false, lowering the cryptocurrency price by more than $2,000 per bitcoin.
A hack occurred while the SEC was considering approval of an ETF, including cryptocurrency. The day after the hack, the agency approved a change in the rules that allowed the creation of Bitcoin ETFs.
The council, who lives in Athens, Alabama, pleaded guilty at a hearing in U.S. District Court in Washington, D.C. to conspiracy to aggravated identity theft and fraudulent access devices.
He is scheduled to be sentenced May 16th. The council faces the largest sentence possible in a five-year prison.
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