Eric Council Jr., a 26-year-old from Alabama, has been sentenced to 14 months in prison for hacking the SEC’s Twitter account and posting a fraudulent Bitcoin ETF approval announcement, causing a temporary $1,000 Bitcoin price spike. This incident underscores ongoing vulnerabilities in cryptocurrency markets.

SIM Swapping Attack on SEC Twitter Account

On May 17, 2025, Eric Council Jr., a 26-year-old resident of Athens, Alabama, was sentenced to 14 months in prison for his role in a January 2024 hack of the U.S. Securities and Exchange Commission’s (SEC) Twitter account. 

The unauthorized takeover, executed through a sophisticated SIM swap attack, allowed Council and his co-conspirators to post a fake announcement claiming the SEC had approved spot Bitcoin exchange-traded funds (ETFs). 

The fraudulent post, which appeared on January 9, 2024, stated, “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges,” triggering an immediate $1,000 surge in Bitcoin’s price.

Council, known online as “Ronin,” “Easymunny,” and “AGiantSchnauzer,” collaborated with others who provided personal information about an SEC employee with access to the @SECGov account. Using a portable ID printer, he created a fake driver’s license and impersonated the employee at an AT&T store in Huntsville, Alabama, to obtain a SIM card linked to the victim’s phone. 

Council then purchased an iPhone, intercepted password reset codes for the SEC’s Twitter account, and shared them with his accomplices, who posted the deceptive tweet. He was paid approximately $50,000 in Bitcoin BTC for his role, which he later returned for cash. 

This case follows another high-profile crypto crime, where 12 individuals were charged in a $263 million racketeering scheme involving cyberattacks and physical break-ins, highlighting the growing sophistication of crypto-related fraud.

Cybersecurity in Crypto Remains a Top Concern

The SEC hack, occurring just one day before the agency’s official approval of 11 spot Bitcoin ETFs on January 10, 2024, exposed vulnerabilities in both institutional security and cryptocurrency markets. 

U.S. Attorney Jeanine Ferris Pirro emphasized that such schemes “threaten the health and integrity of our market system,” while FBI Acting Assistant Director Darren Cox called the hack a “calculated criminal act meant to deceive the public.” 

Evidence recovered from Council’s laptop, including searches like “SECGOV hack” and “how can I know for sure if I am being investigated by the FBI,” underscored his awareness of the crime’s severity.

Other recent crypto security breaches, such as the May 2025 Coinbase data theft, where hackers bribed support agents to steal user information, and violent kidnappings targeting crypto millionaires in Europe. These incidents highlight the urgent need for enhanced cybersecurity measures, from two-factor authentication to insider threat detection. 

Council’s 14-month sentence, followed by three years of supervised release, aims to deter similar crimes, but the rapid evolution of cyber tactics poses ongoing challenges for regulators and exchanges alike.

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