The post Crypto News: Alabama Man Pleads Guilty to SEC Twitter Hack appeared first on Coinpedia Fintech News
Eric Council Jr., a 25-year-old from Alabama, has pleaded guilty to his involvement in hacking the U.S. Securities and Exchange Commission’s (SEC) official Twitter account in January 2024. The attack led to a fake post that falsely claimed the SEC had approved a Bitcoin exchange-traded fund (ETF), causing a temporary surge in Bitcoin’s price before the SEC clarified the message was unauthorized.
During a hearing at the U.S. District Court for the District of Columbia, Council admitted to conspiracy charges related to identity theft and access device fraud. The fraudulent post resulted in a market reaction, with Bitcoin’s price spiking by over $1,000, before the SEC confirmed the announcement was a result of the hack. The incident brought to attention the vulnerability of high-profile accounts and the potential impact of misinformation on financial markets.
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