The sentencing of Eric Council Jr., for his role in a SIM swap attack targeting the SEC account, highlights serious cybersecurity vulnerabilities within financial markets and government agencies. The attack resulted in false Bitcoin ETF announcements that caused market volatility in early 2024. This hack involved sophisticated techniques like forged documents, orchestrated by ‘easymunny,’ who conspired with others to publish fake approvals of a Bitcoin ETF. These fraudulent claims significantly impacted cryptocurrency markets, causing price fluctuations and triggering a massive response from investors. The attack exposed the vulnerabilities of authoritative social media accounts and the potential for such cyberattacks to undermine financial stability. While enhanced security measures were implemented across government platforms, specific changes remain undisclosed. Council’s sentencing underscores the urgent need for robust cybersecurity systems against identity theft and financial manipulation in high-impact sectors, with potential implications for stricter regulations and advanced security technologies moving forward. The severity of this attack underlines the critical necessity of implementing stringent protective measures to safeguard sensitive data in these vulnerable areas.