Eric Council Jr., a 25-year-old from Athens, Alabama, was arrested in connection with the January 2024 hack of the U.S. Securities and Exchange Commission’s X account.
Council’s hack resulted in the false pretense that the SEC had approved Bitcoin exchange-traded funds, leading to a sharp spike in the value of Bitcoin (BTC).
Council has been charged with conspiracy to commit aggravated identity theft and access device fraud. He is set to make his first court appearance in the Northern District of Alabama.
From SIM swap to market manipulation
According to the indictment, Council and his conspirators orchestrated a “SIM swap” attack to take unauthorized control of the SEC’s X account.
On January 9, 2024, they posted a fraudulent message from the SEC Chair, falsely stating that Bitcoin ETFs had been approved for listing on national securities exchanges. This announcement caused Bitcoin’s value to rise by $1,000.
After the SEC regained control of the account and clarified that the message was fake, Bitcoin’s value dropped by $2,000.
SIM swapping is a cybercrime in which attackers trick mobile phone carriers into transferring a victim’s phone number to a SIM card they control, allowing them to bypass security measures like two-step verification.
In this case, Council allegedly used a fake ID to obtain a SIM card linked to the victim’s phone and then used this access to hijack the SEC’s X account.
Is the FBI investigating me?
According to the indictment, Council used usernames like “Ronin,” “Easymunny,” and “AGiantSchnauzer” online, and obtained personal identifying information and a victim’s photo and name from co-conspirators.
Using this information, Council created a fake ID with an ID card printer. He then used the fake ID to obtain a SIM card linked to the victim’s phone line at a cell phone store in Huntsville, Alabama.
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Author: Micah Zimmerman
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