A 25-year-old Alabama man is accused of engaging in an identity theft scheme by hacking the SEC’s X account on Jan. 9. Attacker made a fake announcement 
$67,355 He announced the approval of his ETFs, which caused a sudden rise in the price of Bitcoin.
2FA Codes Accessed via SIM Swap Scam
According to the FBI, the person who carried out the attack was Eric Council Jr. was determined as . This 25-year-old person obtained the SEC’s two-factor authentication (2FA) codes by accessing someone else’s phone number via SIM swap.
Facing Aggravated Identity Theft Charges
The FBI found suspicious internet searches on Eric Council Jr.’s computer. These include queries like “How can I find out if I’m being investigated by the FBI?”
The fake tweet shared by the attacker announced the approval of Bitcoin ETFs. The message “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges” increased the Bitcoin price by over $1,000 in a few hours. The tweet was soon deleted and the SEC account was reinstated.
This type of SIM swap scam relies on attackers tricking service providers into obtaining victims’ phone numbers. This can lead to serious financial losses and disclosure of personal information.
US Attorney Matthew Graves: “Digital Security Measures Are Essential”
Eric Council Jr. will be charged with conspiracy to commit aggravated identity theft and access device fraud. The incident once again revealed the importance of digital security measures. Users are recommended to use strong passwords and two-factor authentication methods to protect their accounts.
As a result, this incident, which occurred when an Alabama man hacked the SEC X account, caused a short-term turmoil in the crypto market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
