Eric Council Jr. Pleads Guilty in SEC Social Media Hack Case

• Eric Council Jr. admitted to hacking the SEC’s social media account posting false Bitcoin ETF approval news.
• The fake post caused Bitcoin’s price to spike by over $1,000 before authorities confirmed the account was compromised.
• Authorities are still investigating potential co-conspirators involved in the cyber breach targeting the SEC.

Eric Council Jr. admitted his guilt for attacking the social media channels managed by the U.S. Securities and Exchange Commission (SEC). There was a cryptocurrency market disruption when the cyber intrusion resulted in a fake announcement regarding spot bitcoin exchange-traded funds protocol authorization.

Guilty Plea in SEC Account Breach

The legal records available at the U.S. District Court for the District of Columbia reveal how the Council admitted two offenses: conspiracy to commit aggravated identity theft and access device fraud. The attorney of Council entered the plea of guilt in a court document made public on Sunday.

The SEC’s official X account was compromised in January last year, days before the agency formally approved spot bitcoin ETFs. Prosecutors reported that Council worked with others to take control of the account. Once in control, they posted, “Today the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges.”

Immediate Response from Authorities

Following the unauthorized post, former SEC Chair Gary Gensler and representatives from X confirmed that the account had been compromised. The statement was retracted shortly after, clarifying that no such approval had been issued at the time of the post.

The misleading announcement caused Bitcoin’s price to increase by more than $1,000 within a short period. The post was sent just one day before the SEC’s official approval of spot bitcoin ETFs, briefly influencing market activity. Prosecutors referenced the price movement as a key factor in the case.

Authorities continue to investigate the individuals involved in the hacking incident. Council’s plea marks a significant step in the case, though additional details regarding other potential co-conspirators remain undisclosed. The case underscores the risks associated with cyber breaches targeting financial institutions and regulatory bodies.