An Alabama man was arrested on Thursday morning after prosecutors said he was behind 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.

Eric Council Jr., 25, was charged with "conspiracy to commit aggravated identity theft and access device fraud," according to a statement released by the U.S. Attorney's Office in the District of Columbia.

The SEC's X account was compromised in January ahead of spot bitcoin ETFs being approved by the agency.

This is a developing story.

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