"Alabama Man Pleads Guilty in SEC Bitcoin ETF Hack"

An Alabama man, Eric Council Jr., has pleaded guilty to his role in a high-profile hack of the U.S. Securities and Exchange Commission's (SEC) social media account, which resulted in a false announcement about Bitcoin exchange-traded funds (ETFs). The 25-year-old admitted to conspiracy to commit aggravated identity theft and access device fraud in a Washington federal court.

The hack, which occurred in January 2024, involved posting a fake announcement on the SEC's X account, formerly Twitter, stating that the agency had approved Bitcoin ETFs. This false information caused Bitcoin's price to surge briefly before the SEC clarified that the announcement was not genuine. The official approval of the ETFs came a day later.

The hackers employed a technique known as a SIM swap attack to gain access to the SEC's social media account. Eric Council Jr. used a fake ID to deceive a phone store employee into granting access to the victim's phone, allowing the hackers to bypass security measures.

The guilty plea comes as part of an ongoing investigation into the incident. Sentencing for Eric Council Jr. is set for May 2025. The case serves as a reminder of the potential consequences of cybercrime and the importance of robust security measures to protect sensitive information.