US man who hacked SEC’s X account to spike Bitcoin price sentenced to prison

Tech Crunch - May 16th, 2025

Eric Council Jr., 26, has been sentenced to 14 months in prison followed by three years of supervised release for his role in hacking the U.S. Securities and Exchange Commission's X account. In 2024, Council and his accomplices used a SIM swap attack to take control of the SEC’s account, falsely announcing the approval of Bitcoin ETFs. This announcement temporarily inflated Bitcoin's price before it dropped back down, impacting investors and market stability.

The hack highlights vulnerabilities in digital security and the potential for misinformation to influence financial markets. Council's sentencing underscores the seriousness of cybercrimes, particularly those affecting financial regulatory bodies. The incident serves as a reminder of the importance of robust cybersecurity measures and the potential consequences of digital manipulation on economic systems.

Cybersecurity Financial Markets Eric Council Jr. U.S. Securities And Exchange Commission Bitcoin Et Fs Sim Swap Attack

Story submitted by Fairstory

RATING

7.6

Fair Story

Consider it well-founded

The article provides a clear and factual account of Eric Council Jr.'s sentencing for hacking the SEC's X account. It effectively communicates the legal consequences and the cybersecurity method used in the attack. However, the story would benefit from additional sources and perspectives to enhance its balance and engagement. While the article is timely and addresses important public interest topics, its impact could be strengthened by exploring broader implications and including expert commentary. Overall, the article is accurate and accessible, but there is room for improvement in transparency and engagement.

Accuracy

The story accurately reports that Eric Council Jr. was sentenced to 14 months in prison for his role in hacking the SEC's X account. The details about the SIM swap attack and the false announcement about Bitcoin ETFs align with the facts presented. However, there is a slight discrepancy regarding Council's age, with some sources listing him as 25 and others as 26. The impact on Bitcoin's price is noted but lacks precise figures, which could affect the story's precision. Overall, the main claims have strong source support, but minor details need verification.

Balance

The article primarily presents the perspective of the U.S. Department of Justice and law enforcement, focusing on the legal consequences for Eric Council Jr. It does not provide Council's perspective or any defense statements, which could offer a more balanced view. The story does not appear to show favoritism towards any party, but the lack of diverse viewpoints limits its balance. Including more perspectives, such as those from cybersecurity experts or market analysts, could enhance the article's balance.

Clarity

The article is well-structured and clearly presents the sequence of events leading to Eric Council Jr.'s sentencing. The language is straightforward, making the complex topic of cybersecurity accessible to a general audience. The logical flow from the crime to the legal consequences enhances comprehension. However, the article could benefit from more detailed explanations of technical terms like 'SIM swap attack' for readers unfamiliar with cybersecurity jargon.

Source quality

The story references the U.S. Department of Justice, a credible and authoritative source for legal matters. The use of a press release as a primary source ensures reliability, but the article could benefit from additional sources to corroborate the details, such as cybersecurity experts or financial analysts. The reliance on a single source limits the depth of reporting but maintains a high level of credibility for the information presented.

Transparency

The article lacks explicit transparency regarding its sources, as it primarily cites the DOJ press release without detailing additional sources or methods used to gather information. There is no discussion of potential conflicts of interest or the broader context of cybersecurity and financial market implications. Greater transparency about the sources and methods used to verify the information would improve the article's transparency score.