Alabama man arrested for role in SEC Twitter account hijacking

An Alabama man, Eric Council Jr., 25, was arrested for hacking into the SEC’s Twitter/X account earlier this year, causing Bitcoin's price to soar by over $1,000. The attack involved a SIM-swapping scheme, allowing Council to impersonate an individual with access to the account.

After posting false information about Bitcoin's regulatory approval, the price surged before dropping by $2,000 when the news was debunked. Council faces charges of aggravated identity theft and fraud.

The SEC noted the account lacked multifactor authentication, a fact that raised concerns among lawmakers regarding cybersecurity protocols for federal agencies. "These SIM swapping schemes...