Bitcoin Hacker Sentenced to 14 Months for SEC Account Fraud in Spot ETF Scheme

On May 17th, COINOTAG News reported that a hacker implicated in the notorious “SEC X Account Hacking Case” has been sentenced to a 14-month prison term. The individual, identified as 26-year-old Eric Council, was found guilty of manipulating an SEC account to fraudulently assert the approval of a Bitcoin spot ETF. This misinformation was disseminated just hours before the real announcement by the SEC, which caught the attention of financial analysts and investors alike. In February, Council pleaded guilty to charges of conspiring to commit identity theft, leveraging the compromised identity of an SEC employee, referred to as “CL.” This criminal act enabled him to seize control over the employee’s phone number and the SEC’s X account, leading to significant repercussions. Court documents reveal that Council’s accomplice compensated him with $50,000 in Bitcoin and other digital currencies for his illicit activities.