U.S. says accused SEC hacker caused bitcoin prices to spike over US$1K – National

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

U.S. says accused SEC hacker caused bitcoin prices to spike over US$1K – National

Descrease article font size

Increase article font size

An Alabama man was arrested Thursday for his alleged role in the January hack of a U.S. Securities and Exchange Commission social media account that led the price of bitcoin to spike, the Justice Department said.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Eric Council Jr., 25, of Athens, is accused of helping to break into the SEC’s account on X, formerly known as

This is the hidden content, please

• Sign In
• or
• Sign Up

, allowing the hackers to prematurely announce the approval of long-awaited bitcoin exchange-traded funds.

The price of bitcoin briefly spiked more than $1,000 after the post claimed “The SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.”

But soon after the initial post appeared, SEC Chairman Gary Gensler said on his personal account that the SEC’s account was compromised. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” Gensler wrote, calling the post unauthorized without providing further explanation.

Story continues below advertisement

This is the hidden content, please

• Sign In
• or
• Sign Up

/applications/core/interface/js/spacer.png">

1:37
Bitcoin halving: What it means, why it matters, and what you need to know

Authorities say Council carried out what’s known as a “SIM swap,” using a fake ID to impersonate someone with access to the SEC’s X account and convince a cellphone store to give him a SIM card linked to the person’s phone. Council was able to take over the person’s cellphone number and get access codes to the SEC’s X account, which he shared with others who broke into the account and sent the post, the Justice Department says.

Trending Now

• data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

  ********* Olympian called ‘***** lord’ by FBI, accused of ordering Ontario killings

• data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

  ‘You’ve caught the bad guy’: Woman admits she ******* parents, hid bodies for 4 years

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Prosecutors say after Council returned the iPhone he used for the SIM swap, his online searches included: “What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them.”

An email seeking comment was sent Thursday to an attorney for Council, who is charged in Washington’s federal court with *********** to commit aggravated identity theft and access device ******.

Story continues below advertisement

The price of bitcoin swung from about $46,730 to just below $48,000 after the unauthorized post hit on Jan. 9 and then dropped to around $45,200 after the SEC’s denial. The SEC officially approved the first exchange-traded funds that hold bitcoin the following day.

More on ******
More videos

&copy 2024 The ********* Press

This is the hidden content, please

• Sign In
• or
• Sign Up

#U.S #accused #SEC #hacker #caused #bitcoin #prices #spike #US1K #National

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up