Eric Council Jr. Sentenced to 14 Months for SEC X Account Hack Using SIM Swap, Impacting Bitcoin Price

Eric Council Jr., a 26-year-old from Huntsville, Alabama, known online as Ronin, Easymunny, and AGiantSchnauzer, has been sentenced to 14 months in prison for his role in a cyberattack on the U.S. Securities and Exchange Commission's (SEC) X account. The attack involved a SIM swap scheme executed at an AT&T store using a portable ID card printer, allowing Council and his co-conspirators to gain unauthorized access to the account and post a false announcement about the approval of Bitcoin Exchange Traded Funds (ETFs) in the name of the SEC Chairman.

The fraudulent post, made on January 9, 2024, led to a significant but temporary increase in Bitcoin's price by more than $1,000 per coin. Following the correction of the misinformation, Bitcoin's value dropped by over $2,000 per coin. The SEC officially announced the approval of Bitcoin ETFs on January 10, 2024, after which Bitcoin's price rose to $103,876. Council was also ordered to forfeit $50,000 and will serve three years of supervised release.

The FBI's investigation led to Council's arrest in October 2024. The U.S. Department of Justice emphasized the importance of prosecuting individuals who threaten the integrity of digital assets through such schemes.

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