As a seasoned crypto investor with over a decade of experience under my belt, I can’t help but feel a mix of emotions upon hearing about the potential plea deal for the hacker who targeted the SEC’s Twitter account. On one hand, it’s relieving to know that justice might be served and the perpetrator could face consequences for manipulating market prices.
According to Bloomberg, it appears that the U.S. government is working on a settlement offer for the hacker involved in breaching the Twitter/X account of the Securities and Exchange Commission (SEC). This development comes shortly after law enforcement officials apprehended the 25-year-old suspect from Alabama.
In January, an individual illegally accessed the SEC’s Twitter or X account and spread false information, claiming that the agency had approved Bitcoin ETFs. This misinformation led to a rise in cryptocurrency prices. The SEC quickly removed the post, clarifying it was a hoax. Furthermore, Bloomberg reported that a proposed plea agreement for this case was submitted to U.S. District Judge Amy Berman Jackson on October 25th, but it’s unclear if the plea will be accepted by the government.
Suspect Arrested By The FBI Last Week
The Federal Bureau of Investigations (FBI) led the manhunt for Eric Council Jr., the suspect in SEC X’s account hacking from Alabama. According to the US Attorney’s office statement, Council was arrested over the “SIM-swapping” hack. The office further adds that the hacking and sharing of fake news have affected the price of Bitcoin and other cryptocurrencies.
The Securities and Exchange Commission (SEC) praised the Federal Bureau of Investigation’s efforts and expressed gratitude towards the authorities for their assistance in tracking down the individual suspected of being accountable. It has been claimed by prosecutors that this suspect may have accomplices who were involved in hacking the SEC’s social media platform. According to reports, the suspect was directed to replace the victim’s phone with a new one and subsequently use it to disseminate and share fabricated news.
SEC X Account Hacking Pushed Bitcoin Price Up
Based on official reports, spreading false information significantly influenced Bitcoin’s price and market dynamics. Not long after the news was posted, Bitcoin’s value surged by approximately $1,000. The cyber attack occurred just prior to the SEC declaring that Bitcoin ETFs could be traded. This was a pivotal time for the industry as everyone was eagerly waiting for the regulatory body’s decision on their policy.
After the agency successfully reclaimed control of its account, it swiftly removed the false post, prompting an immediate response from Bitcoin and cryptocurrency markets. The market mood became turbulent following the SEC’s clarification, causing the price of Bitcoin to drop by at least $2,000 in mere minutes.
Will Council Get A Plea Deal?
Following confirmation by District Judge Jackson on October 25th, a possible agreement for a plea bargain has been proposed to the accused by US Attorney Kevin Rosenberg. However, it remains uncertain if the defendant will accept this offer, as government prosecutors are yet to make a decision.
As per court records, the alleged offender is being accused of multiple crimes, such as plotting to carry out aggravated identity theft and fraud involving devices. Additionally, it’s been reported that the suspect allegedly accepted Bitcoin in exchange for performing the hack.
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2024-10-27 13:11