Athens man pleads guilty to hacking SEC X account in 2024
According to the United States Department of Justice, 25-year-old Eric Council Jr. conspired with others who took 'unauthorized control' of the SEC's X account and falsely announced the SEC-approved BTC Exchange Trade Funds.
This false announcement was based on a decision that was highly anticipated by the market, according to the DOJ.
Immediately after the false announcement, the price of BTC increased by more than $1,000 per bitcoin. Shortly after the post, the SEC regained control of its account and confirmed the announcement was false and due to a security breach.
Following the correction by the SEC, the value of BTC decreased by more than $2,000 per bitcoin.
Per the DOJ, the people who hacked into the SEC X account used an unauthorized Subscriber Identity Module (SIM) swap carried out by Council Jr. A SIM swap refers to the process of 'fraudulently inducing a cell phone carrier to reassign a cell phone number from the legitimate subscriber or user's SIM card to a SIM card controlled by a criminal actor.'
Council Jr. used an identification card printer to create a fraudulent identification card with a victim's personal information, which he received from the co-conspirators.
He used the fraudulent identification card to impersonate the victim and gain access to their cell phone number to access the SEC's account. Council Jr.'s co-conspirators then were able to access the account and posted claiming to be the SEC Chairman.
Council Jr. received payment in Bitcoin from his co-conspirators for his role in the scheme.
Council pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud. He is scheduled to be sentenced on May 16 and faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI Washington Field Office and SEC Office of Inspector General are investigating the case.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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