• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Hacker Pleads Guilty in Crypto-Related SEC X Account Breach

Hacker Pleads Guilty in Crypto-Related SEC X Account Breach

Samuel Edyme
by Samuel Edyme
6 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A recent guilty plea in a high-profile hacking case has drawn attention to vulnerabilities in online account security and the ripple effects they can have on cryptocurrency markets.

Eric Council, a 25-year-old from Athens, Georgia, has pleaded guilty in the United States federal court to charges related to the hacking of the US Securities and Exchange Commission’s (SEC) X account that occurred January last year.

The incident caused a brief but significant Bitcoin price spike after a fraudulent post falsely claimed SEC approval of Bitcoin exchange-traded funds.

Related Reading: Coinbase Hit With Lawsuit Over Unregistered Securities—What’s Next?

How The Scheme Unfolded

The court documents reveal that Council, along with co-conspirators, conducted Subscriber Identity Model (SIM) swaps to gain unauthorized access to the @SECgov X account. The US DoJ explained this SIM swap attack:

A SIM swap attack is a form of sophisticated fraud where criminal actors fraudulently induce a mobile carrier to reassign a mobile phone number from a victim’s SIM card to a SIM card and telephone controlled by a criminal actor attempting to access valuable information associated with the victim’s telephone. Members of SIM swapping groups conduct SIM swaps for the purpose of defeating multifactor authentication and/or two-step verification security features for internet connected accounts, such as social media and virtual currency accounts.

After the SIM swap was completed, Council used forged identification and other deceptive tactics to secure a replacement SIM card. He then accessed the SEC’s X account and shared the login credentials with his associates.

Shortly thereafter, the account was used to issue a fraudulent post announcing SEC approval of Bitcoin ETFs. The announcement was entirely false, yet it managed to move markets almost instantly.

According to the DoJ, Bitcoin’s price rose by over $1,000 following the post, only to fall more than $2,000 after the SEC regained control of its account and discredited the message.

With Bitcoin ETFs being a hot topic among investors as at then, any news—true or false—had the potential to cause significant crypto market reactions. The SEC’s official account is particularly influential, any genuine approval of Bitcoin ETFs was seen as a major milestone in the crypto space.

By impersonating the SEC and fabricating an approval announcement, the conspirators were able to manipulate crypto market sentiment and drive a temporary price surge.

Potential Sentence And Other Details

Council’s plea agreement revealed further details about his involvement in SIM swapping and other fraudulent activities. In addition to the SEC incident, he admitted to attempting additional SIM swaps and was found in possession of fake identification templates and a portable ID printer.

He acknowledged receiving roughly $50,000 in payments for his role in the conspiracy, which included performing the SIM swap that led to the SEC breach.

Related Reading: SEC’s Crypto Task Force Website Launches: Hester Peirce Shares Vision For Digital Asset Regulation

The DoJ revealed that Council has pleaded guilty in federal court to one count of conspiracy to commit aggravated identity theft. This charge carries a potential maximum sentence of five years in prison, a fine of up to $250,000, and up to three years of supervised release. His sentencing is set for May 16, 2025.

Bitcoin (BTC) price chart on TradingView amid crypto news
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Samuel Edyme

Samuel Edyme

Follow

Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

Full Profile

Related Posts

starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

7 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

4 hours ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 2)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 2)

4 hours ago
Bitcoin Hyper Presale Nears $13.6M Raised as Whales Buy $30K Worth of $HYPER.

Bitcoin Hyper Presale Nears $13.6M Raised as Whales Buy $30K Worth of $HYPER

9 hours ago
Data Shows Bitcoin Could Dip Lower in September, But Bitcoin Hyper Remains a Solid Investment

Data Shows Bitcoin Could Dip Lower in September, But Bitcoin Hyper Remains a Solid Investment

9 hours ago
Crypto news

Crypto Influencers’ Insane Hidden Payouts Exposed By ZachXBT

10 hours ago

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    40 minutes ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    1 hour ago
  • From Institutional to Individual Investors: How XRP and...

    1 hour ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    2 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.