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Federal Judge Sentences Eric Council Jr. for Fake Bitcoin ETF Announcement
Federal Judge Sentences Eric Council Jr. for Fake Bitcoin ETF Announcement
According to Cointelegraph, Eric Council Jr. has been sentenced to 14 months in prison for his role in disseminating a fraudulent message regarding the regulatory approval of spot Bitcoin exchange-traded funds (ETFs). The sentencing followed a hearing on May 16 in the U.S. District Court for the District of Columbia, where Council pleaded guilty to charges of conspiracy to commit aggravated identity theft and access device fraud.
Council was part of a group that compromised the X account of the U.S. Securities and Exchange Commission (SEC) in January 2024. The group falsely announced that the SEC would approve spot Bitcoin ETFs, leading to significant misinformation within the financial markets. Prosecutors had initially sought a two-year prison sentence for Council, while his defense team advocated for a sentence of one year and one day. Court documents revealed that Council had profited approximately $50,000 from SIM swap attacks similar to the one used to breach the SEC's account, with these funds likely subject to forfeiture.
The case highlights ongoing concerns about cybersecurity and the potential for misinformation to impact financial markets. The Justice Department's announcement of Council's sentencing underscores the seriousness with which authorities are treating such offenses. As the situation develops, further details are expected to emerge, shedding light on the broader implications of the incident and the measures being taken to prevent similar occurrences in the future.
#BTC #EDF #SEC
According to Cointelegraph, Eric Council Jr. has been sentenced to 14 months in prison for his role in disseminating a fraudulent message regarding the regulatory approval of spot Bitcoin exchange-traded funds (ETFs). The sentencing followed a hearing on May 16 in the U.S. District Court for the District of Columbia, where Council pleaded guilty to charges of conspiracy to commit aggravated identity theft and access device fraud.
Council was part of a group that compromised the X account of the U.S. Securities and Exchange Commission (SEC) in January 2024. The group falsely announced that the SEC would approve spot Bitcoin ETFs, leading to significant misinformation within the financial markets. Prosecutors had initially sought a two-year prison sentence for Council, while his defense team advocated for a sentence of one year and one day. Court documents revealed that Council had profited approximately $50,000 from SIM swap attacks similar to the one used to breach the SEC's account, with these funds likely subject to forfeiture.
The case highlights ongoing concerns about cybersecurity and the potential for misinformation to impact financial markets. The Justice Department's announcement of Council's sentencing underscores the seriousness with which authorities are treating such offenses. As the situation develops, further details are expected to emerge, shedding light on the broader implications of the incident and the measures being taken to prevent similar occurrences in the future.
#BTC #EDF #SEC
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France Considers Bitcoin Mining: A New Opportunity for the Crypto Market?
A positive signal for the cryptocurrency market has just emerged from France 🇫🇷 as Digital Minister Clara Chappaz and National Rally leader Marine Le Pen both mentioned the possibility of harnessing surplus energy to mine Bitcoin.
Minister Clara Chappaz acknowledged the debate surrounding the use of energy from the state-owned group to mine Bitcoin, viewing it as a potential solution to reduce debt for EDF. Although there are still many differing opinions, she emphasized the need to seriously assess the feasibility of this model.
Notably, Marine Le Pen also proposed the possibility of mining Bitcoin using electricity from nuclear plants during her visit to the EPR power plant. If implemented, this could help optimize renewable energy and make France a major Bitcoin mining hub in Europe.
The fact that French leaders are beginning to consider Bitcoin as part of the national energy strategy indicates a more positive perception of crypto. If this plan progresses further, it could usher in a new era for the Bitcoin mining industry, while also contributing to the broader legitimization of Bitcoin.
A positive signal for the cryptocurrency market has just emerged from France 🇫🇷 as Digital Minister Clara Chappaz and National Rally leader Marine Le Pen both mentioned the possibility of harnessing surplus energy to mine Bitcoin.
Minister Clara Chappaz acknowledged the debate surrounding the use of energy from the state-owned group to mine Bitcoin, viewing it as a potential solution to reduce debt for EDF. Although there are still many differing opinions, she emphasized the need to seriously assess the feasibility of this model.
Notably, Marine Le Pen also proposed the possibility of mining Bitcoin using electricity from nuclear plants during her visit to the EPR power plant. If implemented, this could help optimize renewable energy and make France a major Bitcoin mining hub in Europe.
The fact that French leaders are beginning to consider Bitcoin as part of the national energy strategy indicates a more positive perception of crypto. If this plan progresses further, it could usher in a new era for the Bitcoin mining industry, while also contributing to the broader legitimization of Bitcoin.
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