According to reports, Eric Council Jr., a man from Alabama, was sentenced to 14 months in prison and ordered to forfeit $50,000 in illegal proceeds for hacking SEC social media accounts through SIM swapping and posting false Bitcoin ETF approval news.
On January 9, 2024, Council forged identity information to gain control of the victim's SIM card and posted false statements on the SEC's X account, causing the price of Bitcoin to briefly rise by over $1,000. The FBI arrested Council in October 2024, and he pleaded guilty in February 2025.
