US prosecutors considering plea deal for SEC X account hacker
Federal prosecutors are contemplating a plea deal provide for Eric Council Jr., the Alabama man just lately arrested for hacking the X account of the U.S. Securities and Alternate Fee.
Bloomberg reported on the most recent improvement within the SEC X account hack on Friday, Oct. 25.
Based on Bloomberg, U.S. lawyer Kevin Rosenberg advised U.S. District Decide Amy Berman Jackson at a listening to on Oct. 25 that the prosecution is planning a plea deal. Nonetheless, the federal government just isn’t certain whether or not the provide will likely be accepted.
The Federal Bureau of Investigations arrested Council, 25, final week. In a press launch, the U.S. Legal professional’s Workplace, District of Columbia, famous that the suspect’s hacking and posting of a pretend message on the SEC’s account on X had led to Bitcoin (BTC) worth spiking by $1,000 because the market reacted.
Council and others are alleged to have used a SIM-swap attack to realize unauthorized entry and to take over the U.S. securities market regulator’s social media account. This got here because the crypto trade awaited the SEC’s approval of the primary spot Bitcoin exchange-traded funds for the U.S. market, a interval of heightened optimistic sentiment.
When the SEC regained management of its account, and confirmed an earlier announcement as fake and the results of a SIM swap assault, crypto costs fell sharply. Sentiment swung wildly, flipping adverse for BTC as its price slipped greater than $2,000 inside minutes.
The SEC went on to approve spot BTC ETFs, a improvement that catalyzed a surge in bitcoin worth to its all-time excessive of $73k.
Expenses towards Council included system fraud and conspiracy to commit aggravated id theft. The suspect allegedly acquired a cost in BTC from unnamed sources for his profitable SIM swap assault.
