Eric Council Pleads Guilty to SEC Account Hack

Eric Council Jr., a 25-year-old from Alabama, pleaded guilty in a federal court to hacking the SEC's social media account and posting a fraudulent message about Bitcoin ETF approval, leading to significant market disruptions. The false post temporarily increased Bitcoin's value by over $1,000 before the SEC clarified the misinformation, causing a subsequent decline. Council, involved in a SIM swap scheme to gain unauthorized access, faces up to five years in prison and a $250,000 fine, with sentencing scheduled for May 2025. The incident highlighted vulnerabilities in high-profile accounts and the potential financial chaos from misinformation. This breach led to a renewed focus on strengthening security protocols for government agencies to prevent future cyberattacks.