An Alabama man has been sentenced to 14 months in prison for his involvement in the unauthorized breach of the U.S. Securities and Exchange Commission’s (SEC) X account in January 2024. The account was exploited to send a tweet that temporarily boosted Bitcoin’s price by over $1,000. He admitted to charges of conspiracy to commit aggravated identity theft and device fraud three months ago in a Washington D.C. federal court. He collaborated with others to gain control of the SEC’s X account, falsely claiming the SEC had officially approved a Bitcoin ETF. Following the tweet, Bitcoin’s price surged but subsequently fell by more than $2,000 as the SEC swiftly regained control and labeled the tweet as false. The SEC then announced the following day that it had approved a rule change permitting the creation of a Bitcoin ETF.