Hacker Sentenced for 2024 Attack on SEC’s X Account Used to Post Fake BTC ETF News
Eric Council received a 14-month prison sentence after admitting to the SIM-swap attack on the SEC’s X account, which was used to spread false news about a Bitcoin ETF approval.
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The hacker who gained unauthorized access to the official X account of the U.S. Securities and Exchange Commission (SEC) in 2024 and published a fake post about the approval of spot Bitcoin ETFs has pleaded guilty and been sentenced. A U.S. court handed down a 14-month prison term for conspiracy to commit identity theft and device access fraud.
The attacker was identified as 20-year-old Eric Council Jr. from Alabama. His actions triggered sharp volatility in Bitcoin’s price amid intense market speculation. Although the SEC officially confirmed the approval of spot BTC ETFs the following day, the incident resulted in investor losses and price manipulation.
Hack Details and Market Impact
In January 2024, Council executed a SIM-swap attack using a forged ID and a portable printer to obtain a new SIM card linked to the phone number associated with the SEC’s official @SECGov account on X. His accomplices then published false news about a Bitcoin ETF approval before the SEC’s official announcement.
The post sent Bitcoin’s price soaring by more than $1,000 within minutes, before plunging over $2,000 once news of the hack broke. The SEC quickly confirmed the post was fake, but just one day later, the regulator formally approved the launch of spot Bitcoin ETFs.
Related: BlackRock Adds Its Spot Bitcoin ETF to Model Portfolio
Key Takeaways From the Investigation
- Eric Council also operated under the aliases “Ronin” and “Agiantschnauzer.”
- He was arrested in October 2024 in connection with a series of similar attacks.
- Court documents revealed that he made roughly $50,000 from the SIM-swap attack targeting the SEC’s X account.
- In June 2024, the FBI executed a search warrant at Council’s residence. Agents seized a laptop containing web searches such as “How can I know for sure if I am being investigated by the FBI?” and “What are some signs that the FBI is after you?”
Related: Hacken CEO Calls Out Crypto Sector’s Security Complacency
Court Ruling and Prosecutor’s Statement
Prosecutors had requested a two-year sentence, while the defense pushed for one year and one day. However, on May 16, 2025, the U.S. District Court for the District of Columbia issued a slightly different ruling: 14 months in prison and 36 months of supervised release. Council was also ordered to forfeit $50,000. He pleaded guilty to the charges.
Schemes of this nature threaten the health and integrity of our market system,” said U.S. Attorney Pirro. “SIM swap schemes threaten the financial security of average citizens, financial institutions, and government agencies. Don’t fool yourself into thinking you can’t be caught. You will be caught, prosecuted, and will pay the price for the damage your actions create.
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