Acknowledgment of guilt in a high -level penetration issue has caught attention to the weaknesses of the online account security and ripple effects that can be caused on encrypted currency markets.
Eric Council, 25, from Athens, Georgia, has Admit At the United States Court of Federalism on charges of penetrating the account of the US Securities and Stock Exchange Committee (SEC) that occurred in January of last year.
The accident caused a rise in the price of the Bitcoin short, but after a false fraudulent job, SEC approved the money circulating on the Bitcoin Stock Exchange.
How to reveal the scheme
The court documents reveal that the council, along with the participating conspirators, conducted a barter of the subscriber’s identity model (SIM) to unleadible access to the SECGO X account.
The attack on the SIM swap is a form of advanced fraud, as the mysterious criminal actors motivate a mobile holder to reset the mobile phone number from the victim’s SIM card to the SIM card and the phone controlled by a criminal actor trying to access valuable information related to the victim’s phone. Members of SIM exchange groups make SIM bodies for the purpose of defeating multiple factors and/or safety safety features of two steps for Internet connected accounts, such as social media and virtual currency accounts.
After the SIM swap is complete, the council used a forged identity and other deceptive tactics to secure an alternative SIM card. Then he arrived at the SEC X account and shared the login approval data with its partners.
Shortly after that, the account was used to issue a fraudulent job that announces the SEC approval of the investment funds circulating in Bitcoin. This advertisement was completely incorrect, but it managed to move the markets almost immediately.
According to Doj, the Bitcoin price increased by more than $ 1,000 after the post, just to decline more than $ 2000 after SEC regained control of its account and distorting the message block.
Since Bitcoin’s investment funds are a hot topic among investors as at that time, any news – or attractive or wrong – may cause significant encryption market reactions. SEC’s official account is particularly influential, and it is considered any real approval on the Bitcoin investment funds as a major landmark in the encryption space.
By impersonating the SEC character and manufacturing the approval advertisement, conspirators were able to address the morale of the encryption market and lead a temporary price increase.
A possible sentence and other details
The Shaman Acknowledic Agreement revealed more details about its participation in SIM and other fraudulent activities. In addition to the SEC incident, he admitted an additional SIM bites attempt and was found in the possession of fake identity molds and a portable identifier printer.
He admitted to receiving nearly $ 50,000 of payments for his role in the plot, which included the SIM exchange performance that led to the SEC breach.
The Ministry of Justice revealed that the Council acknowledged that he was guilty of the Federal Court for the charge of conspiring to commit the stealing identity. This charge bears a possible five -year penalty in prison, a fine of $ 250,000, and up to three years of supervision release. The ruling was appointed on May 16, 2025.
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