Hacker Who Illegally Accessed SEC X's Account Given 14-Month Prison Term
Here's the rewritten article:
Meet Eric Council Jr, the SEC Hacker, Now Serving 14 Months
Eric Council Jr, the infamous hacker who compromised the SEC's X account last January, has been sentenced to 14 months in prison. Alongside his prison time, Council must forfeit $50,000 and is subject to three years of supervised release.
The revelations came to light in October 2024, leading to a plea deal offered to Council. He finally accepted in February, pleading guilty to charges of conspiracy to commit aggravated identity theft.
The Aftermath of the SEC Hack
In early 2024, whispers about a potential Bitcoin ETF approval were creating a buzz. Subsequently, when Council hacked the SEC's X account, claiming a green light, it triggered a market frenzy.
Bitcoin surged by over $1,000 soon after, inciting a hunt for Council. The story concludes today, with the US Attorney's office confirming the sentence.
The court documents reveal that Council employed a SIM Swap technique to compromise a phone with access to the X account. He continued such scams until the FBI traced him in August, culminating in his October 2024 arrest.
"Schemes like these jeopardize the stability and integrity of our financial system. SIM swap scams imperil the financial safety of ordinary citizens, financial institutions, and government agencies. Don't think you can escape the law. You will be caught, prosecuted, and will pay the price," asserts US Attorney Jeanine Ferris Pirro.
The government had consistently alleged that Eric Council had several accomplices in committing the SEC hack. Nevertheless, none of these individuals have been named, apprehended, or charged as of now.
The authorities presented Council with a plea deal shortly after his arrest. The agreement stipulated that he will name these individuals if they exist. Council pleaded guilty to conspiracy charges in February, hinting at his cooperation.
It appears odd that there haven't been any significant advancements in this broader investigation over the past three months.
However, Council has faced the music for his part in the SEC hack. He is required to forfeit $50,000 and spend 14 months in prison. Following his release, he will be under police supervision for the subsequent three years, preventing him from accessing the dark web or committing identity fraud.
Disclaimer
BeInCrypto is dedicated to delivering unbiased, transparent reporting. This content aims to provide accurate, timely information. Readers are encouraged to verify facts independently and seek professional advice before making decisions based on this material. Please take note of our updated Terms and Conditions, Privacy Policy, and Disclaimers.
- The SEC hack, carried out by Eric Council Jr in January 2024, led to a surge in Bitcoin price by over $1,000, demonstrating the potential impact of cybersecurity breaches on the crypto market and general-news.
- The sentence of 14 months in prison for Eric Council Jr, coupled with a requirement to pay a $50,000 fine and three years of supervised release, serves as a reminder of the cybersecurity risks associated with the use of technology, particularly in crime-and-justice and financial sectors.
- Despite assertions by the government that Eric Council Jr had accomplices in the SEC hack, none have been named, apprehended, or charged as of now, raising questions about the ongoing investigation and the future implications for cybersecurity in technology and crypto markets.
