A recent accusation in a high -profile hacking matter drew attention to gaps in the field of online account security and wave effects that they may have in cryptocurrency markets.
Eric Council, a 25-year-old from Athens, Georgia, has He pleaded guilty In the United States Federal Court for allegations related to hacking the American account of the Securities and Stock Exchange Commission (SEC) X, which took place in January last year.
The incident caused a miniature but significant enhance in Bitcoin prices after a false post, which falsely demanded the approval of the Bitcoin current funds.
How the program developed
Court documents reveal that the Council and co -teams have made substitutes for the subscriber identity model (SIM) to obtain unauthorized access to the @secgov x. USA USA.
The SIM swap attack is a form of sophisticated fraud in which criminals actors dishonestly evoke a mobile operator to re -assign a mobile phone number from the SIM SIM card to the SIM card and a telephone controlled by a criminal actor who tries to obtain valuable information related to the victim’s phone. Members of the SIM exchange groups carry out SIM swaps to overcome multifactorial authentication and/or two -stage verification safety function for internet -connected accounts, such as social media and virtual currency accounts.
After the SIM replacement, the Council used forged identification and other dishonest tactics to secure the replacement of the SIM card. Then he gained access to the X SEC account and made available login certificates to his colleagues.
Shortly afterwards, the account was used to issue a false posting about the approval of SEC ETF Bitcoin. The advertisement was completely false, but the markets were moved almost immediately.
According to the Bitcoin price, the price of over $ 1,000 after a post, just to fall by over $ 2,000 after regaining control over his account and discredited the message.
Because ETF Bitcoin is a scorching topic among investors, then all messages – True or false – can cause significant cryptographic market reactions. The official SEC account is particularly influential, all true approval of ETF Bitcoin was seen as the main milestone in the cryptographic space.
Impersonating the Sec and producing an admission announcement, conspirators were able to manipulate the moods on the cryptocurrency market and enhance the transient price enhance.
Potential sentences and other details
The agreement on the charge of the council revealed further details about his involvement in exchange SIM and other unfair actions. In addition to the incident, SEC confessed to an additional SIM swaps and was found in the possession of false identification templates and a portable ID printer.
He decided that he had received approximately $ 50,000 for his role in the plot, including the SIM exchange, which led to the violation of SEC.
He revealed that the council pleaded guilty in the federal court to one case of a conspiracy in order to commit a tightened theft of identity. This fee contains a potential maximum sentence for five years in prison, a fine of up to USD 250,000 and up to three years of supervised exemption. His judgment is set for May 16, 2025.
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