A 26 -year -old man from Alabama has been sentenced to more than a year jail for his role in social media hack, who has summarized the price of bitcoin.
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Huntsville’s Eric Council Junior, according to the US Department of Justice, convicted the allegations tied in January 2024 of the X account of the US Securities and Exchange Commission. Press release,
Presenting as a telecommunication ID, using a fraud ID, the council made one Sim-swap The technique of hijacking the phone number tied to SEC account. His co-ordinators then used it to post it wrongly that the agency approved the spot bitcoin exchange-traded funds (ETFs), a long-awaited regulatory milestone.
Within a few minutes, the price of bitcoin increased by more than $ 1,000. It crashed soon, once the post surfaced, the price lost more than $ 2,000. The SEC later approved the launch of the spot bitcoin ETF that month.
Officials say the council was paid in Bitcoin for their role. He will serve a 14 -month prison, after which the monitoring of three years will be released.
Federal prosecutors called the attack an attempt to manipulate the financial markets. FBI Assistant Director Darren Cox said, “A federal agency’s official communication platform was deliberately an enclosed criminal act that was to cheat the public and manipulate financial markets.” “By spreading false information to influence markets, the council tried to destroy public belief and exploit the financial system”
