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Eric Council Jr. was arrested in Alabama in October 2024 after prosecutors said he helped hijack the SEC’s X account with a SIM-swap attack, enabling co-conspirators to post a false Bitcoin ETF approval announcement. Bitcoin rose by more than $1,000 per coin after the post, then fell by more than $2,000 after the SEC said it was unauthorized. Council later pleaded guilty and, on May 16, 2025, was sentenced to 14 months in prison followed by three years of supervised release.
What happened to the SEC’s X account?
On January 9, 2024, an unauthorized post appeared on the SEC’s official @SECGov account. It falsely claimed that the agency had approved spot Bitcoin exchange-traded funds for listing on registered national securities exchanges, presenting the announcement as if it came from SEC Chair Gary Gensler. The SEC later said the post was unauthorized and resulted from a security breach. It was not an actual SEC approval announcement. The Justice Department’s account of the case describes the post and the subsequent correction.
The timing mattered: investors were watching for the SEC’s decision on spot Bitcoin ETFs, making an apparent approval from the agency a market-sensitive signal. The false post briefly looked like news from the regulator itself, even though it was not genuine.
How did the SIM-swap attack work?
A SIM swap is a fraud in which an attacker persuades a mobile carrier to transfer a victim’s phone number to a SIM card or device the attacker controls. If accounts use text messages to deliver login or recovery codes, taking over the number can redirect those codes. That can help an attacker get into an online account; it is distinct from the later act of posting a false message through that account.
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According to prosecutors’ account, Council’s role involved obtaining the number and access codes, while co-conspirators used the codes to access the SEC account and publish the false announcement:
- Co-conspirators supplied Council with a victim’s personally identifying information and an identification-card template.
- Council allegedly used a card printer to make a fraudulent ID, then presented it at a cellphone-provider store in Huntsville, Alabama.
- He obtained a SIM card linked to the victim’s number and bought a new iPhone with cash.
- The hijacked number allowed him to receive access codes associated with the SEC’s X account. Prosecutors said he passed those codes to co-conspirators, who entered the account and posted the false claim.
- He later returned the phone in Birmingham and received payment, including Bitcoin, for his part in the scheme.
The Justice Department described Council as one participant working with unnamed co-conspirators; its account does not establish that he alone operated the SEC account or personally published the post. The arrest announcement sets out the alleged sequence, and the guilty-plea announcement reports his later admission in the case.
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Why did Bitcoin’s price move?
The post appeared to resolve a regulatory decision that traders were watching closely. The Justice Department reported that Bitcoin rose by more than $1,000 per BTC after the false announcement and fell by more than $2,000 per BTC after the SEC corrected it. Those are short-term movements reported by the DOJ, not evidence that Council personally caused or captured the entire move. The cited announcements do not provide a complete accounting of trading proceeds or investor losses.
Arrest, guilty plea and sentence
| Date | What happened |
|---|---|
| January 9, 2024 | The SEC’s @SECGov account published the false ETF announcement; Bitcoin rose and then fell after the correction. |
| October 17, 2024 | Eric Council Jr., 25 at the time, was arrested in Athens, Alabama. The indictment charged conspiracy to commit aggravated identity theft and access-device fraud. |
| February 10, 2025 | Council pleaded guilty to the conspiracy charges described by the DOJ. |
| May 16, 2025 | The court sentenced him to 14 months in federal prison followed by three years of supervised release. |
The October 2024 arrest announcement described an indictment, which at that point contained allegations and did not establish guilt. Council’s February 2025 guilty plea changed the case’s status; the May 2025 sentence is the later outcome. The arrest release identified him as being from Athens, while the sentencing release described him as from Huntsville, Alabama. The DOJ sentencing announcement gives the sentence and plea history.
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What the case means for account security
A phone number can become a weak point when it is the route for account verification or recovery. A SIM swap can expose text-message codes, but that does not mean every account using SMS is automatically compromised; the attacker still needs a path into the target account. The FBI’s Internet Crime Complaint Center recommends practical steps to reduce SIM-swap risk. Its SIM-swap advisory is aimed at consumers.
- Ask your carrier about number-transfer protections. Use an account PIN, port-out lock, or equivalent safeguard if offered.
- Prefer stronger authentication where available. An authenticator app or hardware security key avoids relying on SMS codes tied to a phone number.
- Secure account recovery. Protect the email account used to reset social-media and financial accounts with strong, unique authentication.
- For organizations, protect high-impact accounts. Hardware security keys, tightly controlled carrier changes, and independent approval for market-moving posts can reduce exposure. No single safeguard can be assumed to have prevented this specific incident.
- Verify consequential announcements independently. A post on an official-looking account should not be the only confirmation of a regulatory action with major financial implications.
What is not established by the public DOJ announcements?
The cited DOJ releases do not publicly identify the co-conspirators, establish Council as the only person who operated the SEC account, or provide a full accounting of who traded or profited from the price swings. The reported rise and reversal show the market reaction described by prosecutors; they do not establish individual trading gains or investor losses.
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- POWERFUL SECURITY KEY: The Security Key C NFC is the essential physical passkey for protecting your digital life from phishing attacks. It ensures only you can access your accounts.
- WORKS WITH 1000+ ACCOUNTS: Compatible with Google, Microsoft, and Apple. A single Security Key C NFC secures 100 of your favorite accounts, including email, password managers, and more.
- FAST & CONVENIENT LOGIN: Plug in your Security Key C NFC via USB-C and tap it, or tap it against your phone (NFC) to authenticate. No batteries, no internet connection, and no extra fees required.
- TRUSTED PASSKEY TECHNOLOGY: Uses the latest passkey standards (FIDO2/WebAuthn & FIDO U2F) but does not support One-Time Passwords. For complex needs, check out the YubiKey 5 Series.
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- WORKS WITH 1000+ ACCOUNTS: Compatible with Google, Microsoft, and Apple. A single Security Key NFC secures 100 of your favorite accounts, including email, password managers, and more.
- FAST & CONVENIENT LOGIN: Plug in your Security Key NFC via USB-A and tap it, or tap it against your phone (NFC) to authenticate. No batteries, no internet connection, and no extra fees required.
- TRUSTED PASSKEY TECHNOLOGY: Uses the latest passkey standards (FIDO2/WebAuthn & FIDO U2F) but does not support One-Time Passwords. For complex needs, check out the YubiKey 5 Series.
- BUILT TO LAST: Made from tough, waterproof, and crush-resistant materials. Manufactured in Sweden and programmed in the USA with the highest security standards.
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