Hacker in SEC X account breach faces $50k fine in plea deal
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Feb 10 2025Eric Council Jr. Pleads Guilty: Eric Council Jr. has pleaded guilty to charges related to the breach of the SEC's X account, facing a potential $50,000 fine for aggravated identity theft and device fraud, with sentencing set for May 16, 2025.
Impact on Bitcoin Market: The hack led to a false post about the approval of Bitcoin ETFs, causing a significant spike in Bitcoin prices before the SEC confirmed the account was hacked; shortly after, the SEC approved spot Bitcoin ETFs, leading to substantial market inflows.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
