Hacker pleads guilty to SEC social media breach used for fake spot Bitcoin ETF post

Eric Council Jr. pleaded guilty to his part in the hack of the U.S. Securities and Exchange Commission's social media account that posted a fake announcement about spot bitcoin exchange-traded funds being approved. Council, through his lawyer, pleaded guilty to prosecutors' charge of conspiracy to commit aggravated identity theft and access device fraud, according to a filing posted on Sunday in the U.S. District Court of the District of Columbia. The SEC's account was compromised in January last year, just before the agency approved spot bitcoin ETFs. Prosecutors said that Council worked with others to take control of the SEC's X account when they posted, "Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges." Both former SEC Chair Gensler and X quickly confirmed afterward that the account had been compromised.The fake post went out a day before the SEC officially approved much-anticipated spot bitcoin ETFs. After that post was sent, the price of bitcoin increased by more than $1,000, prosecutors said in October. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.