An Alabama man was sentenced to 14 months in prison for breaching SEC accounts to post false Bitcoin ETF news.

According to Wu, Alabama man Eric Council Jr. was sentenced to 14 months in prison and ordered to forfeit $50,000 in illegal gains for hacking into SEC's official social media accounts through SIM card swapping and posting false Bitcoin ETF approval news. On January 9, 2024, Council gained control of the victim's SIM card by using forged identification and posted false statements on SEC's X account, causing the price of Bitcoin to briefly rise by over $1,000. The FBI arrested Council in October 2024, and he pleaded guilty in February 2025.

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