The post Plea Agreement Proposed for Hacker Linked to False Bitcoin ETF Approval Post on SEC Account appeared on BitcoinEthereumNews.com.

The recent actions surrounding Eric Council Jr., accused of hacking the SEC’s social media account, underscore the vulnerabilities in cryptocurrency communication. As cryptocurrencies continue to gain traction, such incidents highlight the potential for manipulation and misinformation that can impact market dynamics, especially in sensitive announcements. “The implications of this breach extend beyond individual actions; they could dampen investor confidence in regulatory announcements,” said a source from COINOTAG. SEC social media hack highlights vulnerabilities in crypto communications; Eric Council Jr. faces plea deal for a false Bitcoin ETF approval post. Details of the SEC Account Compromise: Implications for Investors The January 2024 incident involving the SEC’s X account has drawn significant attention within the financial regulatory landscape. The compromise occurred through a SIM swap attack, showcasing how easily sophisticated cyber tactics can penetrate even high-level organizations. Council’s alleged actions not only resulted in a misleading false announcement regarding Bitcoin ETFs but also triggered a marked price fluctuation in BTC, illustrating the potential consequences of misinformation in the crypto markets. Understanding the Legal Proceedings: What Lies Ahead for Council Following his arrest in October 2024, Council has been navigating the legal system, with a proposed plea agreement on the table. This agreement includes a potential forfeiture of approximately $50,000, which represents profits gained from the misleading social media post. While Council initially pleaded not guilty to the charges of aggravated identity theft and access device fraud, the ongoing discussions indicate that he may shift his stance. If the plea deal is accepted, Council could face significant repercussions, including a minimum two-year prison sentence. The Ripple Effect: Market Reactions to False Information The impact of Council’s alleged actions extends into market behavior. The day the fake Bitcoin ETF announcement was made, BTC’s price spiked by over $1,000, evidencing the rapid response of traders…

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Filed under: News - @ February 10, 2025 6:20 pm