Alabama Man Sentenced for SEC Twitter Hack
Alabama's Eric Council Jr., aged 26, has been sentenced to 14 months in prison for hacking the U.S. Securities and Exchange Commission's (SEC) Twitter account. The incident, which occurred in 2021, saw Council and his accomplices post a fake announcement about Bitcoin price, causing a temporary $1,000 price spike in the stock market today.
The hack was carried out using a SIM swap attack, where Council impersonated an SEC official and intercepted password reset codes. Council was paid approximately $50,000 in Bitcoin for his role in the hack. U.S. Attorney Jeanine Ferris Pirro stated that such schemes threaten the health and integrity of the market system.
The SEC hack exposed vulnerabilities in both institutional security and cryptocurrency markets. Council's 14-month sentence aims to deter similar crimes, but the rapid evolution of cyber tactics poses ongoing challenges. Other recent crypto security breaches, such as the Coinbase data theft and kidnappings targeting crypto millionaires, highlight the need for enhanced cybersecurity measures. Evidence from Council's laptop showed awareness of the crime's severity and potential investigation.
Council's actions have raised concerns about the security of cryptocurrency markets and the potential for manipulation. His sentence serves as a warning to others, but the ever-changing landscape of cybercrime requires constant vigilance and adaptation from law enforcement and market regulators.
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