The FBI has announced the arrest of a key suspect in a hacking case involving the SEC's X (Twitter) account from January. His name is Eric Council Jr., and he lives in Alabama. The charges against him include conspiracy and theft.
This hacking incident was serious. Council allegedly used a method called SIM swapping to gain access to the SEC's account. By doing so, he posted false messages that led to a quick $230 million loss in the crypto market. Principal Deputy Assistant Attorney General Argentieri explained that Council accessed the SEC's account by stealing the identity of someone who had legitimate access. After that, he and his accomplices falsely claimed that the SEC had approved Bitcoin ETFs.
The FBI considers SIM swapping a major crime. It can cause significant financial damage. They are committed to punishing Council and others involved in similar schemes.
Currently, Council faces charges of conspiracy to commit aggravated identity theft and access device fraud. So far, law enforcement has not arrested any of his accomplices.
Interestingly, the FBI revealed that Council searched online for terms like "SECGOV hack" and "how to know if I am being investigated by the FBI." This evidence seems quite strong against him. The FBI often encourages hackers to cooperate with investigations, as seen in cases like Bitfinex.