BTCETF

Eric Council Jr., a 25-year-old hacker from Alabama, is facing a proposed two-year prison sentence after orchestrating a cyberattack on the official X (formerly Twitter) account of the U.S. Securities and Exchange Commission (SEC) in January 2024. The case has sent shockwaves through the crypto world, after a fake tweet sparked major market disruption.

💣 One Tweet Sent Bitcoin Soaring Over $1,000
Council and his team published a false post on the SEC’s X account, claiming the agency had approved spot Bitcoin ETFs — one of the most anticipated announcements in crypto.

The tweet caused Bitcoin’s price to surge by over $1,000 within minutes before being deleted and debunked.

📉 Identity Theft, SIM Swap and a Sophisticated Scam
Council admitted to using a SIM swap attack, in which he tricked a mobile service provider into assigning the SEC’s phone number to his own SIM card. With that, he gained access to authentication codes and passwords linked to the SEC’s account.
🔹 The scheme also involved forged IDs, manipulation of telecom systems, and collaboration with co-conspirators both in the U.S. and abroad.
🔹 Once he had access, Council shared the login credentials with his associates, who then published the fraudulent tweet.

⚖️ Prosecutors: Market Manipulation by Design
Council was charged with aggravated identity theft and unauthorized access to protected systems.

He pleaded guilty in January, opening the door to a likely two-year prison sentence. Prosecutors argue the attack was a calculated and technologically advanced scheme aimed at manipulating financial markets for profit.

💰 $50,000 Profit and FBI Awareness
Court filings reveal Council earned around $50,000 from the attack.

He even searched online to find out if the FBI was investigating him, showing he fully understood the risks of his actions.

📆 Sentencing Set for May 16
Council’s sentencing is scheduled for May 16 in federal court in Washington, D.C.

The case unfolds amid a shake-up at the U.S. Department of Justice, with President Donald Trump appointing new interim U.S. attorneys, often without Senate confirmation.

🛡️ SEC’s Cybersecurity in Question
The incident exposed major weaknesses in the SEC’s digital security. At the time of the hack, multi-factor authentication (MFA) was reportedly disabled — making the breach much easier.
🔐 In the aftermath, the SEC admitted its mistake and reactivated MFA across all official accounts.

The agency also urged the public to rely only on its official website for news and announcements.

🧨 The Real ETF Approval Came – But the Damage Was Done
Ironically, the SEC officially approved Bitcoin ETFs the very next day — this time for real. But by then, the damage had already been done.

The case highlights just how vulnerable global markets are to cyberattacks, and how one fake tweet can move billions in seconds.

#etf , #BTCETF , #CryptoScamAlert , #SEC , #CyberSecurity

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Tax Commissioner of Próspera, Jorge Colindres, has stated that this change expands economic freedom for the residents of the region.
In Próspera, a special economic zone on the island of Roatan in Honduras, #bitcoin was recently recognized as an accounting unit, allowing its use for valuing goods and services. This decision comes less than two years after the introduction of bitcoin as an official currency in the zone.
 Jorge Colindres, the acting manager and tax commissioner of the Próspera Zone for Employment and Economic Development (ZEDE), announced this move on January 5th. On January 7th, on the social network X (formerly Twitter), Colindres explained that the goal is to provide greater financial freedom to the residents and businesses in the area.

 
"In @ProsperaZEDE, we support financial and monetary freedom. People should have the freedom to choose the currency for transactions, accounting, and tax reporting," Colindres stated. He mentioned that bitcoin can now serve as a monetary unit for valuing goods and services in Próspera.
 However, Colindres emphasized that currently taxes cannot be paid directly in bitcoin due to technological and regulatory limitations. For now, tax liabilities in bitcoin will be converted into US dollars or Honduran lempira for reporting to Próspera ZEDE.
 Colindres added that once the issues are resolved, it will be possible to report and pay tax liabilities directly in bitcoin. Entities wishing to use bitcoin as an accounting unit must inform the Próspera tax commission within 30 days of the respective tax period and refer to an approved cryptocurrency exchange, such as Coinbase or Kraken.
Próspera ZEDE was established in May 2020 and has become one of the main economic zones in the region. In April 2022, it adopted bitcoin as its official currency, shortly after the neighboring country El Salvador did the same in September 2021. Colindres described Próspera ZEDE as one of the most competitive special regimes in Latin America, which, in its three years of operation, attracted investments exceeding 100 million dollars and created more than 3,000 jobs.
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 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

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Recent changes in the financial market have shown an impressive result: spot bitcoin ETFs in the United States have overtaken gold ETFs in terms of assets under management (AUM). This historical moment reflects the growing interest of investors in cryptocurrencies as a new alternative to traditional means of saving.
Bitcoin as a competitor to gold
Gold ETFs have long been considered a reliable asset to protect against inflation and economic instability. However, #bitcoin , which is often called "digital gold", attracts attention for its decentralized nature, limited supply of 21 million coins and the ability to preserve value. These qualities make it particularly attractive to young investors who are looking for higher returns and innovative approaches to money management.
The comparison with gold becomes especially interesting considering that gold ETFs have been around for 20 years, while bitcoin ETFs have taken a leading position in less than a year since their launch in January 2024. This indicates a rapid change in investor preferences and growing confidence in cryptocurrencies.
The Role of Spot Bitcoin ETFs
The approval of spot bitcoin ETFs in the United States in 2024 was an important event that united the cryptocurrency market with traditional finance. Such ETFs provide investors with a regulated and convenient way to invest in bitcoin without having to own it directly.
Interest in such instruments has increased rapidly among both institutional and retail investors. Major players such as BlackRock, Fidelity and Ark Invest have entered the bitcoin ETF market, which has strengthened confidence in these products and attracted significant capital.
Institutional recognition and market impact
The recognition of bitcoin ETFs by leading financial institutions has become an important factor in their growth. It signals a broader acceptance of cryptocurrency as a legitimate financial asset, which was previously hampered by regulatory restrictions.
The approval of spot bitcoin ETFs in the United States in 2024 also set a global precedent, opening the door to similar products in other countries. This has created conditions for further growth of the cryptocurrency market and strengthening their positions in traditional financial systems.
The factors of Bitcoin's popularity growth
Limited supply: a maximum of 21 million coins makes bitcoin resistant to inflation.
Appeal to young people: Young investors prefer bitcoin due to its technological and financial advantages.
High profitability: Bitcoin's successful price performance in 2024 has increased its attractiveness to a wide range of investors.
Potential risks and future development
Despite the obvious successes, bitcoin remains a highly volatile asset. However, the growth of institutional investments, the availability of regulated instruments such as ETFs, and the growing confidence in cryptocurrency are likely to continue to stimulate investor interest.
Analysts predict that capital inflows into bitcoin ETFs will increase, further strengthening their position compared to gold ETFs. This process reflects the profound transformation of financial markets and the generational shift in investor preferences.
Conclusion
The rise in popularity of Bitcoin ETFs marks a fundamental shift in the investment world. Cryptocurrencies are no longer a marginal phenomenon and are becoming competitors to traditional assets such as gold. Innovation and decentralization continue to shape new financial realities, changing investors' perceptions of where to store their savings.
Bitcoin is no longer just a digital experiment. It challenges traditional ideas about savings and firmly establishes its position at the top of the financial world.
#BTC $BTC #BTCETF