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Man Who Hijacked SEC's X Account To Pump Bitcoin Faces Up To 5 Years In Prison
Eric Council Jr. pleaded guilty to identity theft and access device fraud after hijacking the SEC's X account to falsely announce Bitcoin ETF approval. He was compensated in Bitcoin by co-conspirators, and while the Justice Department continues its investigation, Council faces up to five years in pr...
Eric Council Jr. pleaded guilty to identity theft and access device fraud after hijacking the SEC's X account to falsely announce Bitcoin ETF approval. Unfortunately for individuals like Council, all Bitcoin transactions are logged on a blockchain for anyone to see, leaving a trail of breadcrumbs for investigators to find. The price of the cryptocurrency rose by $1,000 after the fake announcement, according to the Justice Department, and fell by $2,000 after the SEC issued a correction.
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