PANews reported on February 10 that according to Cointelegraph, the US authorities have proposed a plea bargain for Eric Council Jr., who allegedly hacked into the X account of the US Securities and Exchange Commission (SEC) in January 2024. On February 9, federal prosecutors submitted a confiscation order to the court, requiring Council to pay $50,000, which originated from the false news that the SEC first approved the Bitcoin spot ETF that he posted on the X account. At the same time, he also faces charges of aggravated identity theft and access device fraud conspiracy.
It is reported that in January 2024, Council joined a team that controlled the SEC X account through a SIM card swap attack and released a false message claiming that SEC Chairman Gary Gensler approved the Bitcoin spot ETF. However, the SEC quickly deleted the message and officially announced the approval of such investment tools within 24 hours.
As of press time, U.S. District Judge Amy Berman Jackson has not signed a confiscation order. But the FBI arrested Council in October 2024, and he denies the felony charges. According to the Congressional Research Service, he could face at least two years in prison.
