2024-10-17 21:35:08| Engadget
A 25-year-old Alabama man has been arrested by the FBI for his alleged role in the takeover of the Securities and Exchange Commission's X account earlier this year. The hack resulted in a rogue tweet that falsely claimed bitcoin ETFs had been approved by the regulator, which temporarily juiced bitcoin prices.
Now, the FBI has identified Eric Council Jr. as one of the people allegedly behind the exploit. Council was charged with conspiracy to commit aggravated identity theft and access device fraud, according to the Justice Department. While the SEC had previously confirmed that its X account was compromised via a SIM swap attack, the indictment offers new details about how it was allegedly carried out.
According to the indictment, Council worked with co-conspirators who he coordinated with over SMS and encrypted messaging apps. These unnamed individuals allegedly sent him the personal information of someone, identified only as C.L, who had access to the SEC X account. Council then printed a fake ID using the information and used it to buy a new SIM in their name, as well as a new iPhone, according to the DoJ. He then coordinated with the other individuals so they could access the SECs X account, change its settings and send the rogue tweet, the indictment says.
The tweet from @SECGov, which came one day ahead of the SECs actual approval of 11 spot bitcoin ETFS, caused bitcoin prices to temporarily spike by more than $1,000. It also raised questions about why the high profile account wasnt secured with multi-factor authentication at the time of the attack. Todays arrest demonstrates our commitment to holding bad actors accountable for undermining the integrity of the financial markets, SEC Inspector General Jeffrey said in a statement.
The indictment further notes that Council allegedly performed some seemingly incriminating searches on his personal computer. Among his searchers were: "SECGOV hack," "telegram sim swap," "how can I know for sure if I am being investigated by the FBI," "What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them," "what are some signs that the FBl is after you, Verizon store list," "federal identity theft statute," and "how long does it take to delete telegram account," the indictment says.This article originally appeared on Engadget at https://www.engadget.com/cybersecurity/the-fbi-arrested-an-alabama-man-for-allegedly-helping-hack-the-secs-x-account-193508179.html?src=rss
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