Hacker admits to hacking SEC account to spread false Bitcoin news.
Eric Council Jr., a hacker from Alabama, pleaded guilty to charges of conspiracy to commit aggravated identity theft and access device fraud for infiltrating the SEC’s X account in January 2024. Once he obtained access, Council’s cohorts shared a fabricated image, message, and quote purportedly from SEC Chairman Gary Gensler, claiming that Bitcoin Exchange Traded Funds (ETC) had been approved, leading to a substantial increase in Bitcoin’s value.
The 25-year-old Council employed a SIM-swapping tactic to transfer a phone number linked to the @SEC account to an iPhone’s SIM card he bought. He then acquired personal details of an account holder, printed a counterfeit ID, and convinced AT&T to give him control over their number, allowing him to receive account recovery codes on his device. His collaborators compensated Council in Bitcoin for his participation in the illicit operation.
Following Council’s arrest, investigators discovered incriminating searches made by him, such as inquiring about signs of government investigation even if no official contact had been established. The hacker awaits sentencing on May 16th and might face up to five years in prison if convicted.
The breach highlights the vulnerability of online security systems and the potential consequences of cyber intrusions. Individuals like Council who manipulate personal information for fraudulent gain can cause significant financial and reputational damage, as seen in this case. It serves as a cautionary tale about the importance of robust security measures to safeguard digital assets and prevent unauthorized access to sensitive information.
Cases like these underscore the ongoing battle against cybercrime and the need for heightened awareness and diligence in protecting online identities and accounts. By understanding the methods used by hackers and taking proactive steps to secure personal data, individuals and organizations can minimize the risks posed by such malicious activities. As technologies evolve, it is crucial to stay informed about cybersecurity threats and implement effective safeguards to defend against potential breaches.
Overall, the incident involving Eric Council Jr. serves as a stark reminder of the dangers of unauthorized access and identity theft in the digital age. The consequences of such actions can be severe, both for the perpetrators and the victims, emphasizing the importance of cybersecurity awareness and proactive measures to mitigate online risks.
