FBI arrests man for SEC social media hack over fake Bitcoin ETF approval post
FBI arrests man for SEC social media hack over counterfeit Bitcoin ETF approval submit FBI arrests man for SEC social media hack over counterfeit Bitcoin ETF approval submit
The particular person allegedly performed a SIM swap attack the utilize of a counterfeit ID card at a cell telephone provider retailer, gaining entry to SEC's social media.
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The FBI arrested the man allegedly guilty for hacking the US Securities and Exchange Commissionâs (SEC) X narrative and the utilize of it to manufacture a counterfeit submit about the approval of keep Bitcoin (BTC) alternate-traded funds (ETFs) within the US in January.
In line with a assertion by the US Attorneyâs Place of job for the District of Columbia, the manâs id is Eric Council Jr., a 25-year-stale from Athens, Alabama. The counterfeit announcement resulted in BTCâs tag spiking $1,000, ahead of crashing by $2,000 after the SEC regained management of the narrative and issued a correction.
Council is charged with conspiracy to commit aggravated id theft and entry instrument fraud. The FBI revealed that the attack became carried out thru a SIM swap, where Council and co-conspirators manipulated a victimâs telephone amount to entry the SECâs X narrative.
Attack paid in Bitcoin
In line with the indictment, Council frail stolen internal most files to forge a counterfeit ID doc to behavior the SIM swap, which gave him entry to the SECâs social media narrative.
SIM Swap is a social engineering attack vector consisting of a unpleasant actor who makes utilize of the victimâs internal most files to trick cell provider suppliers into porting the telephone amount to a weird SIM chip.
Thus, the hackers compose entry to every platform where the victim makes utilize of its cell amount as login credentials. Council allegedly presented the counterfeit ID at a cell telephone provider retailer in Alabama.
After posting the false message, Council purchased payment in Bitcoin for his characteristic and hasty returned the gear frail within the attack.
U.S. Prison legit Matthew M. Graves emphasised the importance of maintaining these guilty who manipulate markets thru cybercrime. The Justice Division, the FBI, and the SECâs Place of job of Inspector Customary led the investigation.
Millionaire crypto losses
SIM swap attacks are additionally a smartly-liked attack vector utilized by hackers to take crypto. In 2017, investor Michael Terpin misplaced $24 million after a unpleasant actor compromised one in every of his wallets the utilize of this kind.
Furthermore, a neighborhood of three people allegedly stole over $400 million in crypto between March 2021 and April 2023 by the utilize of SIM swap attacks to compose entry to wallets.
As reported by Ars Technica, the neighborhood frail the same manner allegedly utilized by Council, printing counterfeit ID cards and the utilize of them to pose as victims in cell telephone provider provider stores.
Gino Matos
Gino Matos is a legislation faculty graduate and a seasoned journalist with six years of experience within the crypto industry. His experience basically specializes within the Brazilian blockchain ecosystem and trends in decentralized finance (DeFi).
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in monetary journalism, he now specializes in crypto reporting.
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