FBI arrests Alabama man for alleged SEC X account hack that impacted bitcoin price

The FBI arrested Eric Council Jr. in Alabama for his alleged involvement in a January hack of the SEC's X account. The hack caused bitcoin's price to spike by over $1,000 after a fake tweet claimed SEC approval for bitcoin ETFs. Council is charged with conspiracy to commit aggravated identity theft and access device fraud. He reportedly executed a SIM swap attack to gain access codes, which were used to send the misleading tweet. Following the hack, the SEC regained control of its account and confirmed the tweet was false. Bitcoin's value then dropped by more than $2,000. Council allegedly received payment in bitcoin for his role in the incident.