Hacker pleads guilty to SEC social media breach used for fake spot Bitcoin ETF post
Quick Take
- Eric Council Jr., through his lawyer, pleaded guilty to prosecutors’ charge of conspiracy to commit aggravated identity theft and access device fraud, according to a filing posted on Sunday.
- Prosecutors said Council worked with others to take control of the SEC’s X account when they posted saying that spot bitcoin ETFs had been approved.
Eric Council Jr. pleaded guilty to his part in the hack of the U.S. Securities and Exchange Commission's social media account that posted a fake announcement about spot bitcoin exchange-traded funds being approved.
Council, through his lawyer, pleaded guilty to prosecutors' charge of conspiracy to commit aggravated identity theft and access device fraud, according to a filing posted on Sunday in the U.S. District Court of the District of Columbia.
The SEC's account was compromised in January last year, just before the agency approved spot bitcoin ETFs. Prosecutors said that Council worked with others to take control of the SEC's X account when they posted, "Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges." Both former SEC Chair Gensler and X quickly confirmed afterward that the account had been compromised.
The fake post went out a day before the SEC officially approved much-anticipated spot bitcoin ETFs. After that post was sent, the price of bitcoin increased by more than $1,000, prosecutors said in October.
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