Key Takeaways
An Alabama man orchestrated a SIM swap to illegally entry and manipulate the SEC’s Twitter account.
The fraudulent Bitcoin ETF approval tweet brought about a fast $1,000 improve and subsequent $2,000 lower in Bitcoin costs.
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The Federal Bureau of Investigation (FBI) in the present day introduced the arrest of Eric Council Jr., an Alabama man linked to a January 2024 unauthorized takeover of the US SEC’s X (previously often known as Twitter) account. The hack led to a false announcement about spot Bitcoin ETFs, inflicting main market disruption.
The FBI stated that Council used a SIM swap tactic to achieve management of the SEC’s X account and posted a fraudulent message claiming the SEC had accredited Bitcoin ETFs. The false announcement brought about Bitcoin’s value to surge by $1,000, solely to fall by over $2,000 after the SEC corrected the misinformation.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not accredited the itemizing and buying and selling of spot bitcoin exchange-traded merchandise.
— Gary Gensler (@GaryGensler) January 9, 2024
How did it occur?
In response to the FBI, to execute the SIM swap scheme, Council and his co-conspirators obtained private figuring out data (PII) and an identification card template belonging to a sufferer. Utilizing this data, Council created a pretend ID and offered it to a cellphone supplier retailer in Huntsville, Alabama. This allowed him to acquire a brand new SIM card linked to the sufferer’s telephone quantity.
With the SIM card in hand, he bought a brand new iPhone and used it to entry the sufferer’s telephone account. He then obtained the entry codes essential to log into the “@SECGov” account. As soon as he had management of the account, Council shared the entry codes together with his co-conspirators, who then posted the fraudulent message.
For his function within the hack, Council acquired fee in Bitcoin. After the assault, he drove to Birmingham, Alabama, to eliminate the iPhone he had used to entry the SEC account.
Council then performed web searches for phrases similar to “SECGOV hack,” “telegram sim swap,” “how can I do know for positive if I’m being investigated by the FBI,” and “What are the indicators that you’re below investigation by regulation enforcement or the FBI even if in case you have not been contacted by them.”
Council faces fees of conspiracy to commit aggravated identification theft and entry system fraud, together with his preliminary courtroom look scheduled for in the present day within the Northern District of Alabama.
It is a growing story.
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