Title: FBI Arrests Alabama Man for Hacking SEC X Account and Spiking Bitcoin Price
In a surprising turn of events, the FBI has arrested an Alabama man in connection with the hacking of the Securities and Exchange Commission's (SEC) X account on January 9th. The incident led to the spiking of the bitcoin price by more than $1,000. Eric Council Jr., the accused, is charged with conspiracy to commit aggravated identity theft and access device fraud, according to the Department of Justice. Prosecutors claim that Council executed a SIM swap attack on a person who had access codes to the SEC X account, which were then used by co-conspirators to post a fake tweet from the agency's chairman, Gary Gensler. The bogus tweet declared approval for bitcoin ETFs listing on all registered national securities exchanges.
Following the hack, the SEC regained control of its social media account and announced the tweet was false. Subsequently, the value of Bitcoin decreased by over $2,000 per coin. The incident occurred when the SEC was considering the approval of exchange-traded funds containing cryptocurrencies. A day after the hack, the SEC allowed the creation of bitcoin ETFs in the United States through rule changes. Council, who used online handles "Ronin," "Easymunny," and "AGiantSchnauzer," allegedly received Bitcoin payments from co-conspirators for his role in the hack. Afterward, he conducted Internet searches related to the investigation and signs of law enforcement surveillance.