U.S. Government Targets Bitcoin Spot ETF Fraud in SEC Account Hack with Eric Council Jr. Plea Agreement

In a significant legal development, Eric Council Jr. has reportedly entered a plea agreement following allegations of his involvement in the breach of the U.S. Securities and Exchange Commission (SEC) X account. As per a recent notice from COINOTAG News and detailed by Cointelegraph, federal prosecutors have moved to secure a forfeiture order against Council, seeking $50,000 which he allegedly gained from disseminating misleading information regarding the SEC’s approval of a Bitcoin spot ETF. This incident, which transpired in January 2024, involved a sophisticated SIM card swap attack that enabled unauthorized access to the SEC’s official communication channel. Council is set to plead guilty not only to conspiracy charges but also to aggravated identity theft and access device fraud. This case exemplifies the growing intersection of cybersecurity threats and regulatory oversight in the digital asset landscape, underlining the importance of robust security measures within financial institutions.