The FBI has arrested a suspect in connection with the January hacking of the Securities and Exchange Commission’s (SEC) X account, a cyberattack that caused a temporary spike in Bitcoin’s price. The suspect, identified as 25-year-old Eric Council Jr. from Athens, Alabama, was taken into custody on Thursday morning. This arrest marks a significant development in the investigation into a high-profile incident that rattled both the cryptocurrency market and the broader financial sector.
In a press release, the Department of Justice (DOJ) detailed Council’s involvement in the unauthorized takeover of the SEC’s X account, which occurred on January 9, 2024. The hackers used the compromised account to post a fraudulent message that read, “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.” This post created chaos in the financial markets, as it appeared to signal official approval for Bitcoin exchange-traded funds (ETFs) by the SEC.
Upon the release of this false information, Bitcoin’s value skyrocketed, rising by more than $1,000 per Bitcoin in a short period. However, once the SEC regained control of the account and issued a statement clarifying that the original post was unauthorized and the result of a