Hacker Who Manipulated Bitcoin Price Pleads GuiltyAmerican citizen Eric Council Jr. has admitted guilt in the hacking of the U.S. Securities and Exchange Commission’s (SEC) social media account on X in January 2024. Despite his confession, the 25-year-old cybercriminal mocked the FBI agents who apprehended him and criticized the SEC's security practices.
The SEC account breach originally occurred in September 2024, when an unidentified attacker posted a misleading statement on behalf of the agency. The message falsely claimed that U.S. authorities had approved Bitcoin ETFs for trading on all national securities exchanges. This announcement caused Bitcoin’s price to surge from $46,800 to nearly $48,000, only for it to plummet to $45,000 once the hoax was exposed.
Investigators discovered that the hack was executed through a SIM-swapping attack on an SEC employee responsible for managing the agency’s social media. By exploiting this method, the hacker reset the account password and then sold the login credentials to undisclosed buyers for $50,000. These individuals subsequently posted the fake announcement.
According to the U.S. Department of Justice, Council employed a personal ID printer to forge identification documents using stolen personal details provided by his accomplices. Armed with the counterfeit ID, he impersonated the victim and gained control over their phone number, ultimately securing access to the SEC’s account.
Further details reveal that the SIM swap was facilitated by an AT&T employee, whom Council deceived by posing as an FBI agent. He reportedly claimed to have broken his phone and urgently needed a replacement to reconnect with his superiors.
Despite his confidence during the attack, Council grew increasingly anxious afterward. His search history included queries such as: “How to tell if you're under investigation by law enforcement or the FBI, even if they haven't contacted you” and “How to confirm if the FBI is investigating you.”
Having pleaded guilty, Council faces a maximum sentence of five years in prison. His sentencing is scheduled for May 16, 2025. Meanwhile, he posted a meme video featuring animated beans dancing to Clubbed to Death, overlaying it with criticism of both the FBI—whom he accused of exaggerating his lack of sophistication—and the SEC, which he claimed misled the public about having multi-factor authentication to cover up a major cybersecurity failure.