Eric Council Jr., a 26-year-old from Alabama, received a 14-month prison sentence for his involvement in the unauthorized takeover of the SEC's social media account. He pleaded guilty to charges of identity theft and fraud after orchestrating a SIM swap to gain access to the account. His co-conspirators falsely announced the approval of Bitcoin ETFs, sparking a temporary surge in BTC prices, which later plummeted. The sophisticated fraud led to significant market manipulation, emphasizing the serious consequences of digital crimes.
"Council and his co-conspirators used sophisticated cyber means to compromise the SEC's X account and posted a false announcement that distorted important financial markets."
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