Alabama Man Admits to Hacking SEC, Causing Bitcoin Price Fluctuations
Eric Council Jr., an Alabama resident, has admitted to hacking the SEC’s X account, leading to a false announcement of Bitcoin ETF approvals. His actions caused Bitcoin’s price to initially rise and then fall significantly, resulting in potential criminal charges that may impose a prison sentence of up to five years. The cryptocurrency market seems to be transitioning towards established networks, with notable insights from economists about future trends.
An Alabama man has confessed to hacking the U.S. Securities and Exchange Commission’s (SEC) X account, which triggered a false announcement regarding Bitcoin ETF approvals. This incident, which caused Bitcoin’s price to surge momentarily before a sharp decline, may lead to a prison sentence of up to five years for the offender. Eric Council Jr., 25, was involved in this illicit scheme in January 2024, leading to significant disruption in the cryptocurrency market.
The Department of Justice (DOJ) reports that Council collaborated with accomplices to hijack the SEC’s social media account. The unauthorized message falsely proclaimed the approval of spot Bitcoin ETFs in the U.S., pushing Bitcoin’s value up over $1,000 before it dropped more than $2,000 following the SEC’s clarification that the announcement was fraudulent. The actual ETF approvals were announced shortly after this breach.
Council is said to have executed the hack through a SIM-swapping attack, a method that deceives mobile providers into transferring a victim’s phone number to another device. Allegedly, he received Bitcoin as compensation for utilizing a stolen identity associated with an individual who had access to the SEC’s account. His associates were responsible for disseminating the misleading post.
Having pleaded guilty to charges of conspiracy associated with identity theft and fraud, Council’s sentencing is scheduled for May, where he faces a maximum sentence of five years. Meanwhile, the cryptocurrency market is undergoing a transformation, shifting focus from speculative memecoins to more established layer-1 networks.
Economist Alex Krüger posits that Bitcoin’s bull run is not yet exhausted, even as market participants express impatience with its slower pace compared to previous cycles. Additionally, Alphractal, a cryptocurrency analytics firm, has issued a report indicating that despite recent price declines, the overall funding rate across major exchanges remains positive. Furthermore, economist Henrik Zeberg suggests that the crypto market is poised for a final bullish surge, with Bitcoin and altcoins preparing for another significant rally.
The case of Eric Council Jr. highlights vulnerabilities in digital security and the repercussions of identity theft in the cryptocurrency sector. His acknowledgment of guilt in orchestrating a significant hack further emphasizes the seriousness of these crimes. As the market evolves, with notable economic observations being made, investors should remain vigilant and informed of the turbulent landscape surrounding cryptocurrencies.
Original Source: cryptodnes.bg
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