The FBI has arrested 25-year-old Eric Council Jr. for allegedly orchestrating the SEC's X account hack that misled users about bitcoin ETF approvals, affecting market prices.
According to the indictment, Council coordinated with co-conspirators via encrypted messaging to hack the SEC's account, using a forged ID to obtain a SIM card and phone.
The rogue tweet from @SECGov claimed bitcoin ETFs were approved, leading to a temporary price surge of over $1,000 just before the real approval announcement.
SEC Inspector General Jeffrey stated, 'Today's arrest demonstrates our commitment to holding bad actors accountable for undermining the integrity of the financial markets.'
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