FBI arrests hacker who published false announcement about Bitcoin ETF approval in SEC account

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FBI arrests hacker who published false announcement about Bitcoin ETF
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FBI arrests hacker who published false announcement about Bitcoin ETF approval in SEC account
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The FBI arrested a 25-year-old man from Athens, Alabama, on charges of hacking the United States Securities and Exchange Commission’s (SEC) official account on the social network X in January of this year. Agents arrested Eric Council Jr. for conspiracy to commit aggravated identity theft and access device fraud, federal authorities disclosed on October 17.

According to the FBI, Council Jr. participated in a group that, on January 9, 2024, hacked into the SEC account and published a false message claiming that the agency had approved the first Bitcoin index funds (ETFs) of the United States. The fake news caused an immediate increase of more than $1,000 in the price of Bitcoin, triggering a reaction in financial markets.

About 15 minutes after publication, SEC President Gary Gensler denied the information. He stated that the SEC had not approved any Bitcoin ETFs and said that there had been a hack into the regulatory agency’s account.

According to investigations, hackers gained access to the SEC account through a “SIM swap” attack. In this type of attack, the criminal transfers the victim’s phone number to his own SIM card. This way, you can access accounts protected by two-factor authentication.

Hacker who broke into SEC account is arrested by the FBI

United States Attorney Matthew Graves highlighted the seriousness of SIM swapping attacks, which can result in large financial losses and the exposure of personal and private information. As Graves highlighted, the conspirators’ scheme manipulated financial markets through illegal access to a telephone. The prosecutor stated that the government is committed to holding perpetrators of crimes of this type accountable.

According to the indictment, Council Jr., who used aliases such as “Ronin,” “Easymunny” and “AGiantSchnauzer” online, obtained personal information and a scanned copy of an identification document from his sources, which he used to create an identity false.

Using this identity, he purchased a new SIM card from a phone store in Huntsville, Alabama, linked to the victim’s phone number. He later purchased an iPhone with cash and used the device to access security codes for the SEC account on X, passing this information to his accomplices, who then published the false advertisement about the ETFs.

According to the FBI, in return, Council Jr. received a payment in Bitcoin. Shortly after the scam, he went to Birmingham, where he returned the iPhone to get money.

The FBI investigation revealed that after the attack, Council Jr. conducted internet searches related to the incident, including “SEC hack”, “Telegram SIM swap” and “how to know if I am being investigated by the FBI”.

Chief Deputy Prosecutor Nicole M. Argentieri highlighted that Council Jr.’s case highlights the authorities’ commitment to combating cybercrime, especially when it puts the integrity of financial markets at risk.

FBI arrests hacker who published false announcement about Bitcoin ETF approval in SEC account

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FBI arrests hacker who published false announcement about Bitcoin ETF approval in SEC account

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FBI arrests hacker who published false announcement about Bitcoin ETF approval in SEC account

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