According to reports, Eric Council Jr., a man from Alabama, was sentenced to 14 months in prison and fined $50,000 in illegal gains for hacking into SEC social media accounts and posting false news about Bitcoin ETF approval through a SIM card swap.
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 Bitcoin prices to briefly rise by over $1,000. The FBI arrested Council in October 2024, and he pleaded guilty in February 2025.
