As a researcher with years of experience in cybersecurity and financial markets, I find this case particularly intriguing. The alleged hack of the Securities and Exchange Commission (SEC) X account to manipulate Bitcoin prices is a stark reminder of the power that misinformation can have in the digital age.
On Thursday, the FBI declared that they had apprehended a 25-year-old individual due to suspicions he was involved in an unauthorized access of the Securities and Exchange Commission’s X account. The purpose, as alleged, was to publish false information stating that the agency had endorsed Bitcoin exchange-traded funds.
As stated in a recent press release by the U.S. government on Thursday, Eric Council Jr., a resident of Athens, Alabama, is alleged to have collaborated with others in an attempt to seize control over account X. Upon obtaining access to the account, Council reportedly handed over control to unidentified accomplices who then published the misleading tweet.
On January 9th, a post on the SEC’s X platform announced “authorization for Bitcoin ETFs to be listed on all national securities exchanges that are registered.” This announcement led bitcoin’s price to surge approximately $1,000. However, the price plummeted around $2,000 when it was confirmed that the SEC had regained control of their account, deleted the post, and clarified that the initial statement was false.
The SEC did end up approving the ETFs the next day.
Council was paid in bitcoin (BTC) for orchestrating the account takeover, according to the FBI.
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2024-10-17 19:40