The man who hacked an X account last year associated with the US Securities and Exchange Commission (SEC) has been sentenced to 14 months behind bars for manipulating the value of Bitcoin (BTC).
In a new press release, the office of the United States lawyers for the District of Columbia says that Eric Council Jr.-a 26-year-old man from Alabama-is sentenced to more than a year in prison for his role in the exploit, when he and others the X-Report of the Regulator Hacks BTC.
Authorities say that the Council is involved in ‘SIM Swaps’ or attacks on the Subscriber Identity Module (SIM) of a mobile phone, which stores and authentates unique user data and enables mobile devices to connect to mobile networks.
Public Prosecutors say that on January 9, 2024, the council and others will simert the mobile phone of a person who is associated with the official X account of the SEC to make a fake post and manipulate the price of BTC.
To subtract the schedule, Council has made a fake -ID card to mislead employees from AT&T store to give him a replacement SIM card that is linked to the victim’s telephone line. He then bought a new iPhone, he added the new SIM card and continued to reset the password of the X account of the SEC and shared the information with his fellow samenwiers before returning the phone for cash.
One of the crew members then made a fake post using the official SEC account about how the regulatory authority had approved BTC-based exhibition-related funds (ETFs), which were long-awaited at the time and pending approval.
After the post, the BTC price rose by $ 1,000. However, after the SEC had regained control of his account and confirmed that the post was fraudulent, BTC fell by $ 2,000.
As explained by American lawyer Jeanine Pirro,
“These earth schedules threaten the health and integrity of our market system. SIM -swap schemes threaten the financial security of average citizens, financial institutions and government agencies.”
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