Hacker Behind SEC’s X Account Caught and Sentenced to 2 Years in Prison!

Jakarta, Pintu News – Eric Council Jr. is facing a two-year prison sentence after successfully hacking into the US Securities and Exchange Commission’s (SEC) X account using the SIM swap method. This incident not only shocked the cybersecurity world but also had a major impact on the global crypto market.

Check out the full information here!

The Origins of Hacking and Its Impact

The hack occurred in January 2024, when Eric used the SIM swap technique to take over the SEC’s X account. This technique allowed him to access and control the account. As a result, a false announcement about the approval of exchange-traded funds for Bitcoin (BTC) caused significant market fluctuations.

The fake announcement caused the price of Bitcoin (BTC) to surge $1,000 before plummeting nearly $2,000, wiping tens of millions of dollars off market positions. The post was viewed more than a million times before the SEC clarified that it was a security breach 15 minutes later.

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Investigation and Arrest

Eric was caught in June 2024 while trying to perform another SIM swap at an Apple store. Six days after the arrest, police executed a search warrant and found a fake identity template as well as incriminating Telegram conversations, despite Eric’s attempts to delete them.

Further investigation revealed that Eric had searched online for information about whether the FBI was investigating him and how to delete his Telegram account. From the seized devices, prosecutors found evidence of conversations in which Eric discussed SIM swaps with several people most likely outside the US.

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Sentencing Chronology and Confession

Eric pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud in February 2025, following an indictment in October 2024. Prosecutors sought a two-year prison sentence, given the huge impact the hack had on the market.

Eric admitted to earning $50,000 from SIM swap activities from January to June 2024, at a rate per job of between $1,200 and $1,500. He used a newly purchased iPhone to share access codes with overseas conspirators, who then posted misleading ETF news.

Conclusion

This case highlights the importance of cybersecurity and the risks associated with information technology in the financial industry. It also serves as a reminder for key institutions to implement stricter security measures, such as two-factor authentication, to avoid similar incidents in the future.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Crypto Times. Sim Swap Hacker Faces 2-Year Sentence for SEC X Account Hack. Accessed on May 14, 2025
• Featured Image: CNBC