Eric Council Jr.’s hacking of the Securities and Exchange Commission’s X account has resulted in significant market instability, emphasizing vulnerabilities within digital securities systems. The perpetrator admitted guilt on charges related to identity theft and fraud, stemming from a SIM swap tactic used to access the account and disseminate false Bitcoin ETF information. This action triggered volatility in the Bitcoin market, leading to substantial losses for investors and impacting global markets. The SEC has been proactive in addressing this case and is actively working towards strengthening security measures in financial markets. The outcome of Council Jr.’s sentencing will serve as a deterrent to future cybercriminals attempting similar schemes.