A 25-year-old hacker, Eric Council Jr. was arrested today for his unauthorized control over SEC’s X account in January 2024. The hack ended up in spiking the price of Bitcoin by $1000. Later it dropped back by $2000.

The hacker had made a fake post from the SEC Chair. The post gave fraudulent approval to Bitcoin ETFs stating “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.”

It was announced in the press release by the U.S. Department of Justice (DOJ) that the hacker has been arrested for conspiring to commit identity theft and performing device fraud. Furthermore, it was mentioned that the hacker used an unauthorized SIM swap to access the SEC account, which allowed his group members to post fake announcements.

The co-conspirators are not revealed yet.

The hacker was paid in Bitcoin by the conspirators who hired him

He purchased an iPhone with a fake ID in Huntsville, Alabama. After that, he purchased a sim card which was connected to the victim’s phone line. He later received access codes to the SEC X account on that number, which he shared with the co-conspirators.

He received his share in the operation of Bitcoin from the people who hired him.

After performing his task, he drove to Birmingham, Alabama, and returned his iPhone for cash.

The Hacker also conducted multiple internet searches right after his cyber attack

It was also mentioned that Jr. had made internet searches like “SECGOV hack” and “Telegram SIM swap”.

The hacker was panicking as he also searched “How can I know for sure if I am being investigated by the FBI” and “What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them.”

The case was investigated by the FBI’s Washington Field Office Criminal and Cyber Division. They were also assisted by the FBI’s Birmingham Field Office. SEC and DOJ were also involved involved in the investigation.

An initial court appearance is expected by Eric Council in the Northern District of Alabama after his arrest.

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