A 26-year-old Alabama man has been sentenced to 14 months in federal prison for orchestrating a SIM-swap attack that compromised the official X (formerly Twitter) account of the U.S. Securities and Exchange Commission (SEC) and triggered a temporary spike in Bitcoin’s price.
Eric Council Jr., who used online aliases like “Ronin” and “Agiantschnauzer,” pleaded guilty to conspiracy charges involving aggravated identity theft and access device fraud. Prosecutors say he created a fake ID using a portable printer and used it at an AT&T store to gain control of the phone number linked to the SEC’s X account.
With access to the account, Council passed credentials to accomplices who published a false post announcing the approval of spot Bitcoin ETFs. The tweet briefly sent Bitcoin prices soaring by over $1,000—before plunging more than $2,000 after the SEC refuted the claim.
Council was paid $50,000 for his role in the scheme. In addition to his prison sentence, he was ordered to forfeit his earnings and will serve three years of supervised release under strict conditions.
Search History Revealed FBI Paranoia Before Arrest
Court filings show that FBI agents discovered incriminating evidence on Council’s laptop, including browser searches that indicated he feared being under federal investigation. Queries included: “How can I know for sure if I am being investigated by the FBI?” and “What are some signs that the FBI is after you?”
Council was arrested in October 2024, several months after the breach, which sent shockwaves through both financial and political spheres.
The false announcement was particularly disruptive given the real SEC approval of spot Bitcoin ETFs occurred just one day later, on January 10, 2025. The overlap added to market confusion, amplifying the impact of the fraudulent tweet.
Today, Bitcoin trades at around $104,100, having gained over 100% since the official ETF approvals—though the event remains a blemish on the SEC’s cybersecurity track record.
Hacker Banned from Dark Web, Faces Tight Restrictions
Alongside his prison term and forfeiture order, Council is banned from accessing the dark web or engaging in identity-related fraud of any kind during his supervised release. The restrictions are part of a broader crackdown by federal prosecutors targeting cyber intrusions involving government infrastructure and financial systems.
In a strongly worded statement, U.S. Attorney Jeanine Pirro emphasized the broader consequences of Council’s actions.
“Schemes of this nature threaten the health and integrity of our market system,” she said.
“SIM swap schemes threaten the financial security of average citizens, financial institutions, and government agencies. Don’t fool yourself into thinking you can’t be caught. You will be caught, prosecuted, and will pay the price for the damage your actions create.”
The case highlights growing federal resolve to tackle identity-based cybercrime and protect market-sensitive information from social engineering exploits.
Quick Facts
- Eric Council Jr. was sentenced to 14 months for hacking the SEC’s X account via SIM-swap.
- He helped post a fake tweet about Bitcoin ETF approval, causing a temporary price spike and crash.
- Council was paid $50,000 and will forfeit the funds, with three years of supervised release.
- The attack occurred one day before the actual ETF approval, compounding market confusion.
