Prosecutors to Offer Plea Deal to US SEC X Account Hacker

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U.S. prosecutors prepared a plea offer in January for an Alabama man accused of hacking the social media account of the US. Securities and Exchange Commission (SEC). 

The hack led to a fake announcement about the approval of Bitcoin Exchange Traded Funds (ETFs). It sparked a brief but significant increase in the cryptocurrency’s value. 

Plea Deal on the Table: Will It Be Accepted?

 At a recent hearing in the U.S. District Court for the District of Columbia, Assistant U.S. Attorney Kevin Rosenberg revealed plans to offer a plea deal to the alleged hacker, 25-year-old Eric Council Jr. 

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While it remains uncertain if Council will accept the offer, the proposal is set to mark a potential turning point in a case. 

After he was arrested last week, Council is now facing charges of conspiracy to commit aggravated identity theft and access device fraud. These charges against him are quite serious offenses, and if he is convicted, they could lead to hefty penalties. 

The US SEC Hack That Shook the Markets

The SEC’s X account was breached in January, just before the approval of the highly anticipated announcement of Bitcoin ETF. 

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According to prosecutors, Council and his co-conspirators posted a false statement that the SEC had approved spot Bitcoin ETFs for all major exchanges. Bitcoin’s price surged almost immediately by over $1,000 as traders reacted to the news. 

However, the SEC and its Chairman, Gary Gensler, were quick to clarify that the announcement was a hoax, and X confirmed the compromise of the SEC’s account.

 Prosecutors described an elaborate plan in which Council used information obtained from his co-conspirators to create a fake ID. With the ID in hand, he secured a SIM card linked to a victim’s phone line, enabling him to receive access codes for the SEC’s account. 

Armed with a new iPhone purchased in cash, he used these resources to carry out the hack that sent shockwaves through the financial and regulatory spheres.

What’s Next in the Case?

The case, overseen by Judge Amy Berman Jackson, could reach a critical milestone if Council and prosecutors agree on the plea deal. 

Both parties have been instructed to submit any proposed plea documents by December 4, which will shape Council’s future and potentially influence similar cybersecurity cases. As cryptocurrency becomes more popular and digital communication grows, this case highlights the urgent need for better cybersecurity in regulatory agencies. 

Notably, The outcome of Council’s case could set an important precedent for how the legal system deals with cybercrime and its impact on finance in the digital era.

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