According to the report, Eric Council Jr., 25, was charged with conspiracy to commit aggravated identity theft and access device fraud, according to a statement by the U.S. Attorney’s Office in Washington, D.C. Council and his co-conspirators allegedly gained unauthorized access to the SEC’s X account, formerly known as Twitter, by using a fraudulent SIM swap to hijack a victim’s phone number. The group used this access to post a fake message claiming the SEC had approved bitcoin ETFs, which resulted in a sharp but brief spike in the value of bitcoin.

Following the unauthorized post, the SEC regained control of its account and issued a correction, which caused bitcoin’s price to fall by more than $2,000. Authorities believe the conspiracy was orchestrated to manipulate bitcoin prices for financial gain. Council was reportedly paid in bitcoin for his role in the SIM swap, which involved creating a fake ID and using it to obtain a SIM card linked to the victim’s phone. The fraudulent tweet was posted on Jan. 9, 2024, as the SEC was deliberating on the potential approval of bitcoin ETFs.

The FBI and other federal agencies are investigating the case, with assistance from the U.S. Attorney’s Office for the District of Columbia and the Department of Justice’s Market Integrity and Major Frauds Unit. Council faces federal charges in connection with the incident, and officials emphasized their commitment to holding individuals accountable for cyber-enabled crimes that undermine financial market integrity.

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