An Alabama man, Eric Council Jr., has entered a guilty plea in federal court concerning the unauthorized breach of the Securities and Exchange Commission's (SEC) X account, which occurred in January 2024. This illicit act was orchestrated to disseminate false information suggesting the SEC had sanctioned exchange-traded funds (ETFs) for bitcoin, a claim that was unequivocally untrue.
Eric Council Jr., hailing from Alabama, admitted to his involvement in a conspiracy with unnamed accomplices who orchestrated this cyber intrusion. The breach aimed to manipulate market perceptions by falsely asserting SEC approval of bitcoin ETFs. Despite the fraudulent claims, the SEC had not granted any such approval at the time of the incident.
The Department of Justice, taking up the case, has been actively pursuing those responsible for the breach. Eric Council Jr.'s admission of guilt underscores the seriousness of the offense, highlighting his role in conspiring with others to seize control of the SEC's X account. The names of his co-conspirators remain undisclosed as investigations continue.
This hacking incident, occurring in early 2024, underscores the vulnerabilities and potential repercussions of cyber attacks on major institutions. The false claims propagated through the hacked account could have had significant implications for investors and market stability had they gained traction.
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