The Federal Bureau of Investigation on Thursday stated it detained a 25-year-old male for his function in the supposed hack of the Securities and Exchange Commission’s X account to incorrectly publish the firm had actually authorized bitcoin exchange-traded funds.
Eric Council Jr., of Athens, Alabama, conspired with others to take control of the X account, according to a Thursday news release from the U.S. federal government. After accessing to the account, he passed control off to unnamed co-conspirators who released the incorrect tweet.
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On Jan. 9, a post on SEC’s X stated “approval for #Bitcoin ETFs for noting on all authorized nationwide securities exchanges,” triggering bitcoin to rapidly leap $1,000 in cost. The cryptocurrency then cratered $2,000 when the SEC gained back control of its account, erased the post and stated it incorrect.
The SEC did wind up authorizing the ETFs the next day.
Council was paid in bitcoin (BTC) for managing the account takeover, according to the FBI.
Modified by Nick Baker.
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