An Alabama man pleaded guilty on Monday to helping hack the SEC’s X (formerly Twitter) account in January 2024 in an attempt to mislead the market about spot Bitcoin ETF approvals.

Eric Council, a 25-year-old resident of Athens, Alabama, admitted that he was guilty of a conspiracy to commit aggravated identity theft and access device fraud in the U.S. District Court for the District of Columbia, per Bloomberg.

Council’s attorney, Dwight Crawley, was unavailable for confirmation or comment. A phone call with Decrypt ended prematurely, and additional attempts to contact Crawly were directed to the attorney’s voicemail. This article will be updated should Decrypt hear back.

Council’s guilty plea comes 13 months after the SEC’s approval of spot Bitcoin ETFs. The highly anticipated development, which opened the door to billions of dollars of institutional cash, was preempted by a false statement one day earlier saying a clutch of ETFs had been approved.

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Author: André Beganski