The FBI has arrested Eric Council Jr., 25, for allegedly hacking the SEC's X account to falsely proclaim that Bitcoin exchange-traded funds were approved, with significant market impact.
The fraudulent tweet led to a $1,000 surge in Bitcoin's price followed by a $2,000 drop when the SEC reasserted control, underscoring the sensitive nature of information in financial markets.
After gaining control of the SEC's account, Council reportedly handed it over to unidentified accomplices who posted the misleading tweet, illustrating the collaborative nature of cybersecurity breaches.
The SEC's approval of ETFs was announced shortly after, which raises questions about market manipulation and the influence of social media accounts in trading decisions.
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