SEC Twitter Hack: Eric Council Jr. Waka Jail 14 Months for SIM-Swap Bitcoin ETF Fraud, Manipulate Crypto Market
Eric Council Jr., wey 26 years old from Alabama, don dey sentenced to 14 months prison by one US federal judge because e join hacking the Securities and Exchange Commission (SEC) X (wey dem first call Twitter) account. Dem use SIM swapping attack plus fake ID, Council and im people post one fake message wey talk say beta Bitcoin ETF don clear—dis na big step for crypto market. The fake news make bitcoin price jump $1,000 but e quick drop after dem prove say na lie. Council gree say e conspire commit identity theft plus fraud with device, e collect about $50,000 in bitcoin from the scam, money wey dem fit take from am. Prosecutors wan make dem jail am for two years, but defence talk make e get 366 days. After e comot from prison, Council go get 36 months supervised release. Dis case show say government dey try fight hacking, fraud, plus manipulations wey dey happen for crypto. Crypto traders make dem sharp, watch out for social engineering tricks, fake info, and the strong action wey government dey take against market manipulators.
Neutral
Di senking wey dem sentence Eric Council Jr. for hacking SEC X account and to dey manipulate bitcoin market wit false ETF approval news cause sharp but short price spike, wey e con quick turn back. Since dem quickly prove say di fake news no true and di market fix itsef for just few hours, no permanent bullish or bearish force come straight from dis matter. But dis kain event show say misinformation still dey risk, cause traders to dey more alert and make authority dey enforce law more strongly. This fit help market stabilize for long term, but di quick price effect don finish, meaning e no get strong effect for di present market condition.