Alabama man reveals how he hacked the SEC's Twitter to post fake crypto scam

An Alabama antheral has revealed however helium managed to hack into the SEC's X relationship to station a crypto fraud.

Eric Council Jr., from Athens, pleaded blameworthy to conspiracy to perpetrate aggravated individuality theft and entree instrumentality fraud.

The 25-year-old hacked into the SEC's societal media relationship and posted a fake message in the sanction of the past Chairman Gary Gensler.

The connection falsely claimed that the SEC had approved BTC Exchange Traded Funds, temporarily causing the worth of Bitcoin (BTC) to summation by much than $1,000.

Council and his co-conspirators managed to summation entree to the SEC's relationship done a SIM swap.

A SIM swap refers to the process of fraudulently inducing a compartment telephone bearer to reassign a compartment telephone fig from the morganatic subscriber oregon user’s SIM paper to a SIM paper controlled by a criminal. 

As portion of the scheme, Council utilized an ID paper printer to make a fraudulent ID with a Gensler's accusation obtained which helium from his co-conspirators.

He utilized the fake ID to impersonate entree to the Gensler's telephone fig for the intent of unlocking the SEC’s account.

Council’s co-conspirators past accessed the relationship and posted successful the sanction of the SEC Chairman. 

Council received a $50,000 outgo successful bitcoin from his accomplices for his role.

Shortly aft the unauthorized post, the SEC regained power implicit its X relationship and confirmed that the announcement was mendacious and the effect of a information breach.

Following the correction, the worth of BTC decreased by much than $2,000 per bitcoin. 

The SEC officially approved the archetypal exchange-traded funds that clasp bitcoin the time aft the scam. Bitcoin has precocious been trading astir $100,000.

Council faces up to 5 years successful jailhouse and is owed to beryllium sentenced connected May 16.