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Eric Council Jr., a 26-year-old from Athens, Alabama, has been sentenced to 14 months in federal prison for his role in a cyberattack that compromised the U.S. Securities and Exchange Commission’s (SEC) official X (formerly Twitter) account. The breach led to the dissemination of false information regarding the approval of Bitcoin exchange-traded funds (ETFs), causing significant market volatility. In addition to his prison term, Council will serve three years of supervised release and has been ordered to forfeit $50,000 earned from the scheme.
The incident occurred on January 9, 2024, when Council and his co-conspirators executed a SIM swap attack to gain control of the SEC’s social media account. Using a fraudulent identification card, Council impersonated a telecom customer to obtain a SIM card linked to the SEC’s phone number. This allowed the group to receive password reset codes and access the SEC’s X account. They then posted a fake announcement claiming the SEC had approved spot Bitcoin ETFs, a highly anticipated regulatory decision.
The false announcement had immediate effects on the cryptocurrency market. Bitcoin’s price surged by over $1,000 within minutes, only to plummet by more than $2,000 after the SEC clarified that the post was unauthorized. The incident highlighted the susceptibility of financial markets to misinformation and the critical importance of cybersecurity measures within regulatory agencies.
During a subsequent search of Council’s residence, authorities discovered additional evidence of fraudulent activities, including a portable ID printer, fake identification cards, and internet searches related to SIM swapping and law enforcement investigations. Council, who operated under aliases such as “Ronin” and “Agiantschnauzer,” pleaded guilty in February 2025 to conspiracy to commit aggravated identity theft and access device fraud. The case underscores the growing threats posed by cybercriminals to financial systems and the importance of robust security protocols.
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