Bitcoin Price Hack Shock: Alabama Man Jailed for SEC X Account Breach!
Alabama hacker jailed 14 months for SEC X account breach, spiking Bitcoin prices! Uncover the crypto chaos.
Bitcoin Price Hack Shock: Alabama Man Jailed for SEC X Account Breach!
On May 16, 2025, the U.S. Department of Justice sentenced 26-year-old Eric Council Jr. from Alabama to 14 months in prison for hacking the SEC’s X account, causing a Bitcoin price surge. Council and accomplices used a SIM-swapping attack in January 2024 to post a false claim that the SEC approved Bitcoin ETFs. This briefly spiked Bitcoin’s price before it crashed, disrupting markets. He also faces three years of supervised release and a $50,000 forfeiture.
What Happened?
The hackers accessed the SEC’s X account, posting misleading news that triggered speculative trading. Bitcoin’s price soared temporarily, but the truth quickly surfaced, leading to losses for some traders. The DOJ emphasized that such cyberattacks threaten financial stability, with U.S. Attorney Philip Sellinger noting Council’s actions “jeopardized markets.” Posts on X reflect public concern, with users debating the need for stronger cybersecurity.
The hackers accessed the SEC’s X account, posting misleading news that triggered speculative trading. Bitcoin’s price soared temporarily, but the truth quickly surfaced, leading to losses for some traders. The DOJ emphasized that such cyberattacks threaten financial stability, with U.S. Attorney Philip Sellinger noting Council’s actions “jeopardized markets.” Posts on X reflect public concern, with users debating the need for stronger cybersecurity.
Why It Matters
For new crypto investors, this case highlights the market’s vulnerability to manipulation. False news can cause rapid price swings, impacting portfolios. It also underscores the importance of verifying information before trading. The SEC’s push for stricter crypto regulations may intensify, potentially affecting platforms and investors. Meanwhile, SIM-swapping scams remain a growing threat, urging users to secure their accounts.
For new crypto investors, this case highlights the market’s vulnerability to manipulation. False news can cause rapid price swings, impacting portfolios. It also underscores the importance of verifying information before trading. The SEC’s push for stricter crypto regulations may intensify, potentially affecting platforms and investors. Meanwhile, SIM-swapping scams remain a growing threat, urging users to secure their accounts.
What’s Next?
Authorities are cracking down on cybercrime, and more convictions may follow. Investors should stay cautious, use two-factor authentication, and rely on trusted sources. This incident could spur tighter X platform security and crypto oversight.
Authorities are cracking down on cybercrime, and more convictions may follow. Investors should stay cautious, use two-factor authentication, and rely on trusted sources. This incident could spur tighter X platform security and crypto oversight.
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NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
