- Hacker sentenced, affecting cryptocurrency markets and security measures.
- Market reacted briefly to false Bitcoin ETF announcement.
- Regulatory bodies emphasize the seriousness of cybersecurity breaches.
Council’s actions drew attention to vulnerabilities in regulatory communications, showing the market’s sensitivity to such posts. Bitcoin prices initially spiked 2%, then fell 6% upon clarification.
Details of the Incident
Eric Council Jr. used a SIM swap attack, impersonating an SEC employee to access the SEC’s X account. He was arrested in October 2024 and pleaded guilty in February 2025.
Investors reacted swiftly when the false announcement appeared, causing temporary volatility in Bitcoin’s price. Markets emphasized the need for improved cybersecurity, essential for maintaining investor trust and preventing manipulation.
“Schemes of this nature threaten the health and integrity of our market system. SIM swap schemes threaten the financial security of average citizens, financial institutions, and government agencies. Don’t fool yourself into thinking you can’t be caught. You will be caught, prosecuted, and will pay the price.” — Jeanine Ferris Pirro, U.S. Attorney, U.S. Department of Justice
source
The incident highlights ongoing challenges in securing
regulatory communications rooms. Such breaches could lead to new regulations and enhanced security protocols to prevent manipulation and increase market integrity in cryptocurrency trading.
The broader implications of Council’s sentencing reflect the persistent risk of cyber attacks on financial systems. Authorities may intensify monitoring and bolster security measures to mitigate future breaches and protect both markets and investors.
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