$BTC

According to Cointelegraph, Eric Council Jr. was sentenced to 14 months in prison for his role in disseminating a fraudulent message regarding regulatory approval for trading Bitcoin exchange-traded funds (ETFs). The sentencing followed a hearing held 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.

The board was part of a group that hacked the X account of the U.S. Securities and Exchange Commission (SEC) in January 2024. The group falsely announced that the agency would approve spot Bitcoin ETFs, leading to significant market misdirection. The prosecution initially sought a two-year prison sentence for the board, while his defense team requested one year and one day. Court documents revealed that the board had benefited from SIM card swap attacks, similar to those used to hack the SEC's account, with the possibility of seizing these funds

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