As a seasoned researcher with extensive experience in cybercrime and digital forensics, I find this case both fascinating and alarming at the same time. The intricate nature of SIM swap attacks, combined with the potential for massive financial disruption they present, highlights the ever-evolving threat landscape we face in the digital age.
Earlier this year, someone who posted a fraudulent tweet claiming that the Securities and Exchange Commission (SEC) had approved actual Bitcoin exchange-traded funds (ETFs), was taken into custody by the Federal Bureau of Investigation (FBI).
As stated in a recent press announcement from the U.S. Attorney’s Office in Washington D.C., authorities have accused Eric Council, aged 25, of planning to carry out aggravated identity theft and fraud involving access devices.
FBI Arrests Man Behind Fake SEC Tweet
On January 9th, there was much excitement within the cryptocurrency community as they waited for the SEC’s decision regarding the first U.S. spot Bitcoin ETFs. However, it was later discovered that someone had gained access to the SEC’s internal X account and falsely announced that these products had been approved for trading.
The breaking news led to a surge of $1,000 in bitcoin’s (BTC) value, pushing it up to $47,800 almost instantly. Yet, the price plummeted by $2,000 down to $45,400 shortly after, when it was confirmed that the SEC had invalidated the tweet, exposing a hack as the source of the unauthorized post from their X account.
Based on investigations conducted by multiple American law enforcement agencies, it was discovered that Council and his accomplices managed to take over the Securities and Exchange Commission’s account using a SIM card swapping scheme.
Swapping a SIM card involves using manipulative techniques to move a phone number from its original SIM card, which belongs to an unsuspecting individual, to a new SIM card managed by cybercriminals. This change allows the hackers to take advantage of vulnerabilities in security measures such as two-factor authentication and gain unauthorized access to victims’ accounts and confidential data.
How Did Council Attack the SEC?
The U.S. Attorney’s Office filed a complaint stating that Council, who uses aliases such as Ronin, Easymunny, and AGiantSchnauzer online, is accused of using someone else’s identity that had access to the SEC’s X account to seize their phone number. This was allegedly done by Council acquiring the personal identifying information (PII) of the SEC employee from his associates.
After that, the accused utilized Personal Identifiable Information (PII) to fabricate a phony identity, which he later employed to execute a SIM swap at a cell phone retailer in Huntsville, Alabama. Subsequently, they acquired a new iPhone and activated it using the newly bought SIM card and mobile device to retrieve access codes for the SEC’s X account.
Following the false tweet’s publication, it is claimed that the council received Bitcoin payment from their accomplices as a reward for a task completed successfully. Eventually, they traded in the iPhone for cold, hard cash.
Standout fact: The Council grew suspicious following the occurrence and looked up methods to determine “am I under investigation by the FBI.” Court appearance scheduled for the Northern District of Alabama on Thursday.
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2024-10-20 17:52