Alabama Resident Set to Admit Guilt in SEC Account Hacking Case

Overview

Eric Council Jr., an individual from Alabama, is scheduled to plead guilty to multiple charges in connection with the hacking of the U.S. Securities and Exchange Commission’s (SEC) X account, where he falsely reported that spot bitcoin exchange-traded funds (ETFs) had received approval.

Details

Council has agreed to forfeit $50,000 stemming from the charges associated with the SEC account hack.
A Consent Order of Forfeiture has been filed in a federal court in D.C., detailing his admission of guilt regarding conspiracy to commit aggravated identity theft and access device fraud.
He allegedly misled a phone store employee using a counterfeit ID to gain access to a device containing SEC credentials.
The breach resulted in a misleading post about bitcoin ETFs being approved, which caused a temporary spike in bitcoin prices.

Upcoming Sentencing

Judge Amy Berman Jackson has scheduled Council’s sentencing for May 16. His case highlights the significant implications surrounding the SEC’s regulatory framework and the impact of misinformation in the cryptocurrency market.