Eric Council Jr., the Alabama man charged with hacking the X account of the U.S. Securities and Exchange Commission (SEC) to falsely post the agency had approved bitcoin exchange-traded funds, is set to plead guilty in the case.
An Alabama man charged with hacking into the X account of the U.S. Securities and Exchange Commission (SEC) to falsely post that the agency had approved bitcoin exchange-traded funds (ETFs) is set to plead guilty in the case, according to court documents.
A “Consent Order of Forfeiture,” filed on Friday in D.C. federal court, shows Eric Council Jr. has agreed to plead guilty to conspiracy to commit aggravated identity theft and access device fraud. He will also forfeit $50,000 in proceeds from these offenses.
Prosecutors said Council used a fake ID to trick a phone store employee into helping him and co-conspirators access a device with access to the SEC’s X account. Prosecutors added that Council’s sentencing is set for May 16 before Judge Amy Berman Jackson.
The case stems from the then highly anticipated SEC approval of spot bitcoin ETFs, with the security breach leading to a post shared on the agency’s account one day before the actual approval. At the time, the approval of these funds was eagerly anticipated as these were widely expected to bring in significant flows from institutional investors. The false X post sent the price of bitcoin briefly surging.
The Federal Bureau of Investigation (FBI) arrested Council in October for hijacking the SEC’s X account.
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