Eric Council Jr, a 25-year-old from Alabama, has pleaded guilty to SIM swapping the SEC's X account in January 2024. This case, part of a broader scheme to influence cryptocurrency prices, saw Bitcoin's value surge over $1,000 after a false confirmation of Bitcoin ETF approval. Following the SEC's clarification, Bitcoin's price dropped significantly. The incident highlights the vulnerabilities in SMS-based two-factor authentication, which allowed Council to gain unauthorized access by impersonating the account holder. Such tactics are linked with noticeable market implications, particularly in the volatile landscape of cryptocurrency.
Council's role in the scheme was to SIM-swap his way into the account, for which he was allegedly paid in, you guessed it, Bitcoin.
After the SEC regained access to its account and explained that the statement was false, the price of Bitcoin dropped by more than $2,000 per token.
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