Alabama Man Sentenced for Hacking SEC’s Social Media, Triggering $1,000 Bitcoin Price Surge

Eric Council Jr., a 25-year-old from Alabama, has been sentenced to 14 months in prison for gaining unauthorized access to the SEC’s social media account. Using a SIM swap method, he falsely announced Bitcoin ETF approval, causing a temporary $1,000 surge in Bitcoin prices before a rapid correction. The incident highlights the critical need for enhanced cybersecurity measures within financial institutions as it showcases how breaches can severely impact market stability.