SEC Account Hack Temporarily Raises Bitcoin Price… and the Accused is Imprisoned for 14 Months!

In an incident that sparked widespread controversy in the crypto community, a federal court sentenced a young man from Alabama to 14 months in prison after being involved in hacking the account of the U.S. Securities and Exchange Commission (SEC) on platform X (formerly Twitter).

The hacker helped in spreading a fake tweet claiming that the SEC had approved a Bitcoin ETF, which caused a sudden increase in the price of BTC by more than $1000 in minutes. But as soon as the agency denied the news, the price fell by more than $2000.