FBI agents arrested 25-year-old Eric Council Jr. of Alabama for his alleged involvement in the January 9 hack of the Securities and Exchange Commission's (SEC) X account, which caused Bitcoin prices to surge by over $1,000.
Council is accused of executing a SIM swap attack to gain access to the SEC’s account, using it to post a fake tweet claiming Bitcoin ETF approvals.
The SEC quickly regained control and confirmed the tweet was false, leading to a significant drop in Bitcoin's price. Council faces charges of identity theft and fraud.
According to reports from the US, the man is being held without bail and is due for a detention hearing. The case will be prosecuted in Washington, DC.