Hacker GETS Jail Time for THIS – 14 Months!

Black and white image of prison cell bars.

In a new case of justice being served, a hacker, Eric Council Jr. from Alabama, was sentenced to 14 months in prison for a calculated criminal act that rocked the financial markets.

See the tweet below!

Using a “SIM swap” attack, Council and his co-conspirators took control of the Securities and Exchange Commission’s (SEC) X account to falsely announce the approval of Bitcoin ETFs, sending Bitcoin’s price upward by $1,000.

The short-term price spike, unfortunately, harmed countless investors and further highlighted the fragility of trust in digital markets.

Council, now 25, orchestrated the January 2024 hack by impersonating an SEC account user.

At an AT&T store, he used a fake ID to fraudulently obtain a SIM card.

Activating it on a new iPhone, he accessed the SEC’s account password reset codes, sharing them with accomplices who posted the fake Bitcoin ETF approval tweet.

Bitcoin’s value sharply increased by over $1,000 before plummeting when the falsehood was corrected.

A co-conspirator posted the deceptive announcement under the SEC Chairman’s name, manipulating the cryptocurrency’s value.

The repercussions of this incident were felt across the market as the price of Bitcoin fell by more than $2,000 after the truth came out.

“The deliberate takeover of a federal agency’s official communications platform was a calculated criminal act meant to deceive the public and manipulate financial markets,” said FBI Criminal Investigative Division Acting Assistant Director Darren Cox.

Tracked by suspicious online searches, including inquiries about being investigated, investigators used this intelligence to pinpoint Council as the hacker, who reportedly pocketed $50,000 from the scheme.

Despite facing up to five years in prison, Council’s sentence fell short due to his non-existent prior criminal history, earning him a lighter penalty to the dismay of many.

The implications of this case stretch far beyond one individual’s sentencing.

As Assistant United States Attorney (AUSA) in the Organized Crime and Gangs Section Matthew R. Galeotti stated, “Council and his co-conspirators used sophisticated cyber means to compromise the SEC’s X account and post a false announcement that distorted important financial markets.”

Ultimately, the digital age’s vulnerabilities have been laid bare, underscoring the dire need for robust cybersecurity measures.

The Department of Justice and other investigative bodies such as the FBI Washington Field Office and the SEC Office of Inspector General took this matter seriously, showcasing the government’s willingness to pursue justice.

The Department emphasized prosecuting cyber fraud aggressively to ensure the integrity of digital assets remains intact.

As Council prepares for three years of supervised release, he faces restrictions on computer use to prevent any further cyber forays.

However, this case serves as a sobering reminder of the potential chaos one rogue actor can unleash, further fueling conservative calls for increased oversight and accountability in the security of our financial institutions.