The U.S. Securities and Exchange Commission’s X (formerly Twitter) account was hacked by an Alabama man, leading to the posting of false information about Bitcoin. This incident caused a temporary surge in the cryptocurrency’s price, increasing it by $1,000. The FBI has since taken the individual into custody.
According to the U.S. Attorney’s Office for the District of Columbia, Eric Council Jr. was provided with personal identifying information and an ID template by his co-conspirators. With these materials, he was able to create a fake ID card for an individual who had access to the SEC’s X account. Council then allegedly used this fraudulent ID card at a cell phone store in Huntsville, Alabama, where he obtained an iPhone along with a SIM card that was connected to the victim’s phone number.
Council is said to have utilized a spoofed phone to aid his co-conspirators in accessing the SEC’s X account. From there, they proceeded to publish a false tweet declaring the SEC’s approval of #Bitcoin ETFs for listing on all registered national securities exchanges. As compensation for his assistance, Council allegedly received payment in the form of Bitcoin…