An Alabama resident was arrested on October 17 in connection with the January hacking of the Securities and Exchange Commission’s (SEC) social media account on X, formerly known as Twitter. The suspect, Eric Council Jr., 25, from Athens, Alabama, faces charges for his alleged role in a scheme that manipulated the price of bitcoin through an unauthorized post on the SEC’s account.
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According to court filings, on January 9, Council and his accomplices took control of the SEC’s X account using a SIM swap technique. This method fraudulently transferred control of a victim’s cell phone number to the attackers, allowing them to access the SEC’s account. Once inside, the conspirators posted a fake announcement, purportedly from SEC Chairman Gary Gensler, claiming that bitcoin Exchange Traded Funds (ETFs) had been approved. The fraudulent announcement caused bitcoin’s price to spike by over $1,000 before the SEC regained control of the account and clarified the post was unauthorized. After this correction, the value of bitcoin dropped by more than $2,000.
The scheme allegedly involved Council using a stolen identity to execute the SIM swap, which granted him access to the victim’s social media-linked phone number. This enabled the attackers to post the false information, manipulating the cryptocurrency market for their gain.
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A federal grand jury indicted Council on charges of conspiracy to commit aggravated identity theft and access device fraud. If convicted, he could face up to five years in prison. The FBI’s Washington Field Office, along with the SEC’s Office of Inspector General, is handling the investigation.
The case highlights the growing threat of SIM swapping as a method for accessing sensitive information and manipulating financial markets. Law enforcement officials reiterated their commitment to holding those responsible for such cybercrimes accountable.
The investigation continues as authorities seek to identify any additional participants in the scheme.
Story by multiple RFHC contributors
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