US Man Who Hacked SEC's X Account to Spike Bitcoin Price Sentenced to Prison

A 26-year-old US man has been sentenced to 14 months in prison and three years of supervised release for his role in hacking into the official X account of the US Securities and Exchange Commission (SEC) with the intention of artificially inflating the price of Bitcoin.

Eric Council Jr., a resident of California, was part of a group that breached the SEC's X account in 2021. The hack allowed the perpetrators to pump up the value of Bitcoin, creating a significant spike in the cryptocurrency's market price.

The US Department of Justice announced the sentencing in a press release on Friday, detailing Council's involvement in the hack and his subsequent punishment. The sentencing marks the culmination of an ongoing investigation into the breach, which has been ongoing since 2021.

Council was not alone in carrying out the hack. The investigation revealed that he worked with others to gain access to the SEC's X account, a platform used for publishing market-moving information. The group exploited vulnerabilities in the system to manipulate the price of Bitcoin.

The consequences of Council's actions were significant. As the price of Bitcoin soared, investors and traders took notice, causing widespread disruption to financial markets worldwide. The SEC was left to clean up the mess, working tirelessly to rectify the damage caused by the hack.

While the exact details of Council's involvement in the hack remain under investigation, his role in artificially inflating the price of Bitcoin is now clear. As part of his plea agreement, he agreed not to contest any charges against him, ensuring that he would face full accountability for his actions.

The sentencing serves as a stark reminder of the importance of cybersecurity and the devastating consequences of a breach. The SEC's X account was left vulnerable due to lax security measures, allowing Council and his co-conspirators to exploit this weakness and reap significant financial rewards.